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.


Revera Completes Investment Agreement with Health Care REIT in Sunrise Senior Living Management Company

Revera becomes majority investor of highly regarded international seniors care and services provider

TORONTO, April 21, 2014 /CNW/ – Revera Inc., a leading provider of seniors accommodation, care and services announced today that it has completed its transaction with Health Care REIT, one of North America’s largest senior living real estate investment trusts, to co-invest in the ownership of Sunrise Senior Living management company. Under the terms of the agreement, Revera holds a 76 per cent interest in Sunrise, with Health Care REIT owning the remainder.

“This strategic investment in one of the most trusted brands in seniors housing, with a strong presence in the U.S. and U.K. markets, demonstrates Revera’s commitment to growth in this sector,” said Thomas G. Wellner, President and CEO of Revera Inc. “We are pleased to further strengthen our partnership with Health Care REIT, as we both share a long-term investment horizon and a relationship approach to business.”

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.

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.

About Revera Inc.
Revera is a leading provider of seniors accommodation, care and services; built on a 50-year history of helping seniors live life to the fullest. With 227 sites across Canada and parts of the U.S., the company’s nearly 30,000 employees work to enhance lives in Revera’s retirement communities, long term care homes, U.S. nursing and rehab centres and through the provision of home health services. Find out more about Revera at 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 December 31, 2013 the company’s broadly diversified portfolio consisted of 1,199 properties in 46 states, the United Kingdom, and Canada.

About Sunrise Senior Living
Sunrise Senior Living, a McLean, Va.-based company, employs approximately 29,000 people. As of April 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. Sunrise’s senior living services are delivered by staff trained to encourage the independence, preserve the dignity, enable freedom of choice and protect the privacy of residents. To learn more about Sunrise, please visit

SOURCE Revera Inc.

Photo courtesy of Shutterstock