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(09/08) 90% Stake in 29 Sunrise facilities sold by Arcapita to Health Care REIT

The 90% ownership share in 29 Sunrise Senior Living facilities, located primarily in California, Illinois, and New York, has changed.  The Ohio-based Health Care REIT has bought the 90% stake from Arcapita, Inc., an international real estate investment firm based in Bahrain, for $643.5 million.  Sunrise will retain a 10% interest in the properties and will continue to manage them.  25 of the 29 facilities are “Sunrise-developed mansions built between 1999 and 2003.”  The facilities have 2,082 units and an average occupancy rate of 94%.  Health Care REIT, “Health Care REIT to Acquire 29 Sunrise Senior Living Properties” (Press Release, Sep. 2, 2008).



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