Ventas Buying Seniors Housing REIT

Ventas, a Louisville, Ky.-based health care real estate investment trust, is acquiring Sunrise Senior Living REIT, a Toronto-based investor in senior living properties, for a total of $1.8 billion (Canadian $2.1 billion).The Sunrise portfolio being acquired consists of 74 assisted-living communities in Canada and the United States, Ventas reported. The REIT also has the right of first offer on some other Sunrise assets. Of the properties being acquired, 63 are located in metropolitan areas in the United States. "The acquired assets are all new assisted-living communities located in large metropolitan areas, with high barriers to entry, and extraordinary growth prospects," said Debra A. Cafaro, chairman and chief executive officer of Ventas. "This transaction will broaden our footprint in North America with entry into the Canadian seniors housing market."