Revera and Health Care REIT Announce Investment in Sunrise Senior Living Management Company

 Revera Inc., a leading provider of seniors' accommodation, care and services, will further strengthen its partnership with Health Care REIT, one of North America's largest senior living and health care real estate investment trusts, by co-investing in the ownership of the Sunrise Senior Living management company ("Sunrise").  Upon completion of the transaction, Revera will own a 76 per cent interest in Sunrise and Health Care REIT will own the remainder.  Health Care REIT and Revera are acquiring their interests in Sunrise from affiliates of Kohlberg Kravis Roberts & Co. L.P. ("KKR"), Beecken Petty O'Keefe & Company and Coastwood Senior Housing Partners LLC.
 
"This is an important strategic opportunity for Revera to invest in a management company that has presence in the growing and vibrant seniors housing markets in the U.S. and U.K.," said Jeff Lozon, President and Chief Executive Officer of Revera. "We are deeply committed to long-term growth in the seniors housing sector and are pleased to further strengthen our partnership with Health Care REIT by investing in one of the most respected brands in the industry."
 
Health Care REIT is Revera's strategic partner for retirement living properties; the companies have an existing, successful joint venture partnership that owns 47 retirement communities in Canada.
 
"Health Care REIT and Revera share a long-term investment horizon, partnership approach to business, and expertise in seniors housing," said George L. Chapman, Health Care REIT's Chairman and Chief Executive Officer. "We are pleased with our investment in Sunrise as it is performing in line with our high expectations.  KKR, Beecken Petty O'Keefe and Coastwood played an important role in transitioning Sunrise from a public company to a best-in-class, privately-held company.  The strong alignment among Health Care REIT, Revera and Sunrise will support continued operational excellence at Sunrise and position it to be a global leader in private pay seniors housing."
 
Sunrise will continue to operate independently, managing all of its 290 communities across Canada, the United States and the United Kingdom under the Sunrise brand, from its headquarters in McLean, Virginia.
 
"We look forward to a supportive and long-term partnership with Health Care REIT and Revera," said Penny McIntyre, CEO of Sunrise. "Sunrise will continue to operate independently under our current brand, and we welcome this new chapter in our journey to provide Sunrise's high-quality, innovative care to seniors."
 
The transaction is expected to close in the second quarter and is subject to regulatory approvals.
 

on February 19, 2014