Senior Housing: Sunrise Closes on $74.5M Sale of German Assisted Living Properties

Sunrise Senior Living, Inc. has completed the previously announced sale of eight of the Company’s nine German assisted living facilities to GHS Pflegeresidenzen Grundst├╝cks GmbH and TMW Pramerica Property Investment GmbH, the Munich-based business of Prudential Real Estate Investors, pursuant to a purchase and sale agreement dated May 27, 2010.

The aggregate purchase price under the purchase and sale agreement was EUR 60.8 million (approximately US $74.5 million). In August, Sunrise closed into escrow the sale of the real property and related assets of the eight properties. The consideration for the Wiesbaden property was paid on August 31, 2010 to the lender that held a lien on the property. The consideration for the remaining seven properties was released from escrow on a property-by-property basis to the respective lenders as liens were discharged on each property and legal title was transferred to the purchasers, the last of which took place on October 28, 2010.

The Company transferred the management of these eight communities to Kursana Seniorenvilla GmbH, a Germany-based senior living provider.

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