Sunrise Cites $564MM Property Sale

Sunrise Assisted Living, McLean, Va., has announced that it is selling a senior-living portfolio for $345 million and 16 Sunrise joint venture communities for $219 million.The $564 million sale, involving 44 properties, will generate cash proceeds of $167 million, Sunrise said. The company expects to use the proceeds partly to fund its share repurchase program and for general corporate purposes. The communities are being sold to "investment entities" advised by Macquarie Capital Partners, a real estate investment banking company, Sunrise said. The buyer will acquire a 90% stake in the ventures, while Sunrise, with a 10% stake, will continue to operate the communities under long-term management agreements. Sunrise said it expects to realize total income of $55 million for the sale of a 90% interest on the properties, which are located in 13 states and have a total resident capacity of 3,428.