Health Care Property Investors has withdrawn its offer to purchase the assets of Sunrise Senior Living Real Estate Investment Trust. The move came one day after a Canadian court ruled that Sunrise REIT must abide by the terms of its Jan. 14 purchase agreement with Ventas, another REIT.
In February HCP offered to buy Toronto-based Sunrise REIT in a deal worth approximately U.S. $1.2 billion, a 20% premium over the Ventas offer. Meanwhile, a special meeting of unitholders to consider the proposed deal with Ventas was rescheduled for March 30, Sunrise said in a news release. Sunrise REIT owns 74 senior living communities in Canada and the U.S. that are managed by Sunrise Senior Living. -- by Cinda Becker