Sunrise Senior Living REIT, Toronto, said its unitholders have approved an amended offer from Ventas, a Louisville, Ky.-based healthcare real estate investment trust, to buy Sunrise REIT for about $1.9 billion.
The deal is expected to close April 26. Ventas made its initial offer in mid-January before Health Care Property Investors, a healthcare REIT in Long Beach, Calif., submitted a proposal to buy Sunrise REIT for about $1.2 billion, a 20% premium over the Ventas bid. Earlier this month, Ventas amended its offer, which calls for about $14.37 per share, or $16.50 in Canadian dollars, up from its original offer of $13 per share.
Debra Cafaro, chairwoman, president and chief executive officer of Ventas, said in a news release that the acquisition includes 77 high-quality, private-pay senior living communities in North America, gives the company access to an exclusive development pipeline, and provides entry into the Canadian seniors housing market. -- by Jessica Zigmond