Sunrise Senior Living, Inc. (NYSE: SRZ) announced Thursday that is has entered into a purchase and sale agreement with GHS Pflegeresidenzen Grundstucks GmbH and Prudential Real Estate Investors (operating on behalf of investors in a fund managed by its Munich-based business, TMW Pramerica Property Investment GmbH) to sell eight of the Company’s nine German assisted living facilities. The aggregate purchase price under this agreement is EUR 60.8 million (approximately US$74.5 million), which, after expenses, shall be paid directly to the respective lenders to the German communities.
The closing is expected to occur on or after August 31, 2010 and upon closing, Sunrise will transfer the management of these eight communities to Kursana Seniorenvilla GmbH, a Germany-based senior living provider. Sunrise is continuing to market for sale one remaining property in Germany.
"We’re delighted that our residents, team and fine properties will be in capable hands," said Mark Ordan, Sunrise’s chief executive officer. "We are also very pleased that this agreement is beneficial to Sunrise’s stakeholders, as we continue to strengthen the organization."