Sunrise Senior Living to hold vote on Ventas deal, Health Care Property Investors drops out

By Lisa Kerner

Charlotte, N.C., March 8 - Sunrise Senior Living REIT said Health Care Property Investors, Inc. has withdrawn its offer to purchase the assets of Sunrise.

Earlier this week, the Ontario Superior Court of Justice ruled that Sunrise was obligated to comply with covenants in the Jan. 14 purchase agreement with Ventas, Inc. Under the agreement, Ventas would acquire the interest in 74 of Sunrise's private-pay senior living communities in the United States and Canada in a transaction valued at $1.8 billion.

Enforcing the Health Care Property Investors standstill obligations prevented the company from proceeding with its offer to buy Sunrise.

Sunrise rescheduled its special meeting of unit holders to consider the proposed fully funded transaction with Ventas to March 30. The record date for the meeting remains Feb. 19.

Ventas is a Louisville, Ky., health care real estate investment trust.

Toronto-based Sunrise was formed to indirectly acquire and own senior living communities.

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