Health Care REIT to boost stake in Sunrise with recap

|By:, SA News Editor

Upon completion of the recapitalization of Sunrise Senior Living, Health Care REIT's (HCN -0.3%) stake in the company will grow to 24% from about 20% currently. Canada's Revera Inc. will own the remainder.

CEO George Chapman: "Health Care REIT and Revera share a long-term investment horizon, partnership approach to business, and expertise in seniors housing ... We are pleased with our investment in Sunrise as it is performing in line with our high expectations."

The transaction is expected to close in Q2.