CHICAGO-Locally-based Ventas Inc. will acquire the minorinterest in 58 senior living communities from its partner SunriseSenior Living Inc. Ventas, which was already the majority owner ofthe properties, will provide $186 million, including $145 millionin mortgage debt, for the purchase.

McLean, VA-based Sunrise’s minority interests to be acquired byVentas represent between 15% and 25% ownership interest in thecommunities. Sunrise will continue to manage the properties, aswell as another 21 properties owned by Ventas. The two companiesreached an agreement, with Ventas not exercising performance-basedtermination rights, and Sunrise reducing its management fee to 3.5%for 2010 and 3.75% for 2011.

Mark Ordan, Sunrise CEO, said the agreement sets newperformance, operating and reporting thresholds. “If met, (thethresholds) will enable us to manage these assets for many years,and avoids the previously announced Ventas performance terminationrights on a significant number of assets. In addition, selling ourjoint venture interest to Ventas brings Sunrise additional funds toimprove our balance sheet and provides a foundation for carefulgrowth,” he said in a statement.