Health Care REIT has closed its deal to acquire Sunrise Senior Living, the McLean, Va.-based operator of nursing, rehabilitation and other senior-care facilities.
The formerly publicly traded company sold for $14.50 per share in cash. In a news release, Toledo, Ohio-based Health Care REIT placed the deal value at $3.4 billion and said it was expected to rise to $4.3 billion by July after buying out some of Sunrise's joint-venture partners.
The deal includes 120 wholly-owned properties and five remaining joint venture properties, according to the release.
Health Care REIT said that the properties generate average monthly rents that are nearly twice as high as the national average because they're concentrated in communities such as Southern California, Chicago, Philadelphia, London and Montreal, which have a high number of elderly residents, affluence and significant barriers to entry.