George L. Chapman

    TOLEDO, OH – Health Care REIT Inc. completed the acquisition of the Sunrise Senior Living Inc. property portfolio, the sale of the Sunrise management company, and the acceleration of all planned joint venture partner buy-outs. previously reported on proposed acquisition when it was announced in August 2012.
   The company’s investment in Sunrise properties is currently $3.4 billion, but that is expected to rise to $4.3 billion by July upon exercise of the firm’s rights to acquire additional joint venture partner interests at fixed purchase prices.
   “Rapid and efficient execution of a complex acquisition, accelerated joint venture buy-outs at accretive prices, and the favorable sale of the management company has positioned us with the premier seniors housing portfolio in the market place at a price that generates very attractive risk adjusted returns for our shareholders,” George L. Chapman, Chairman and CEO of Health Care REIT, says in a press release. 
   The investment is expected to include 120 wholly owned properties and five joint venture properties, which are concentrated in London, Montreal, Southern California, Chicago, Philadelphia, Boston, and Washington, D.C. Health Care REIT expects the $4.3 billion acquisition to generate a 6.5% unlevered initial yield, or 6.1% after capital expenditures.
    BofA Merrill Lynch acted as exclusive financial advisor to Health Care REIT. Arnold & Porter LLP, Goodmans LLP, Nabarro LLP, Shumaker, Loop & Kendrick LLP, and Sidley Austin LLP, acted as legal advisors.