Revera to be majority investor in highly-regarded seniors' care and services company with wide reach in North America and the United Kingdom
TORONTO, Feb. 11, 2014 /CNW/ - Revera Inc., a leading provider of seniors' accommodation, care and services, will further strengthen its partnership with Health Care REIT, one of North America's largest senior living and health care real estate investment trusts, by co-investing in the ownership of the Sunrise Senior Living management company ("Sunrise"). Upon completion of the transaction, Revera will own a 76 per cent interest in Sunrise and Health Care REIT will own the remainder. Health Care REIT and Revera are acquiring their interests in Sunrise from affiliates of Kohlberg Kravis Roberts & Co. L.P. ("KKR"), Beecken Petty O'Keefe & Company and Coastwood Senior Housing Partners LLC.
"This is an important strategic opportunity for Revera to invest in a management company that has presence in the growing and vibrant seniors housing markets in the U.S. and U.K.," said Jeff Lozon, President and Chief Executive Officer of Revera. "We are deeply committed to long-term growth in the seniors housing sector and are pleased to further strengthen our partnership with Health Care REIT by investing in one of the most respected brands in the industry."
Health Care REIT is Revera's strategic partner for retirement living properties; the companies have an existing, successful joint venture partnership that owns 47 retirement communities in Canada.
"Health Care REIT and Revera share a long-term investment horizon, partnership approach to business, and expertise in seniors housing," said George L. Chapman, Health Care REIT's Chairman and Chief Executive Officer. "We are pleased with our investment in Sunrise as it is performing in line with our high expectations. KKR, Beecken Petty O'Keefe and Coastwood played an important role in transitioning Sunrise from a public company to a best-in-class, privately-held company. The strong alignment among Health Care REIT, Revera and Sunrise will support continued operational excellence at Sunrise and position it to be a global leader in private pay seniors housing."
Sunrise will continue to operate independently, managing all of its 290 communities across Canada, the United States and the United Kingdom under the Sunrise brand, from its headquarters in McLean, Virginia.
"We look forward to a supportive and long-term partnership with Health Care REIT and Revera," said Penny McIntyre, CEO of Sunrise. "Sunrise will continue to operate independently under our current brand, and we welcome this new chapter in our journey to provide Sunrise's high-quality, innovative care to seniors."
The transaction is expected to close in the second quarter and is subject to regulatory approvals.
About Revera Inc.
Revera is a leading provider of seniors' accommodation, care and services; built on a more than 50-year history of helping seniors live life to the fullest. Our nearly 30,000 dedicated employees continually strive to serve a diverse group of clients and to offer choices to meet their individual preferences. With 227 sites across Canada and parts of the U.S., we work to enhance lives in our retirement communities, long term care homes, U.S. nursing and rehab centres and through the provision of home health services. Canadian-owned and operated, Revera serves more than 30,000 clients every day, with the core values of respect, integrity, compassion and excellence at the heart of its business. Find out more about Revera at www.reveraliving.com or find us on Facebook and Twitter.
About Health Care REIT, Inc.
Health Care REIT, Inc., an S&P 500 company with headquarters in Toledo, Ohio, is a real estate investment trust that invests across the full spectrum of seniors housing and health care real estate. The company also provides an extensive array of property management and development services. As of September 30, 2013, the company's broadly diversified portfolio consisted of 1,197 properties in 46 states, the United Kingdom, and Canada.
Sunrise Senior Living, a McLean, Virginia-based company, employs approximately 29,000 people. As of January 1, 2014, Sunrise operated 290 communities in the United States, Canada and the United Kingdom, with a unit capacity of approximately 26,400 units. Sunrise offers a full range of personalized senior living services, including independent living, assisted living, care for individuals with Alzheimer's disease and other forms of memory loss, as well as nursing and rehabilitative services. To learn more about Sunrise, please visit www.sunriseseniorliving.com.
SOURCE: Revera Inc.
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