Revera completes majority buy of KKR-backed manager of Sunrise Senior Living
Revera Inc has completed its previously announced co-investment with Health Care REIT Inc (NYSE: HCN) in the manager of Sunrise Senior Living LLC. Under the terms of the deal, Revera holds a 76% stake in the McLean, Virginia-based Sunrise, with Health Care REIT owning the balance. Other financial terms were not disclosed. The sellers were U.S. private equity firms Kohlberg Kravis Roberts, Beecken Petty O'Keefe & Co and Coastwood Senior Housing Partners, which along with Health Care REIT bought Sunrise's manager for US$130 million in 2012. Based in Mississauga, Ontario, Revera is a provider of seniors' accommodations, care and services.
23 April 2014•3 mins read
