|[August 14, 2014]
Sunrise Senior Living Acquires Gracewell Healthcare Management Operations in United Kingdom
MCLEAN, Va. --(Business Wire)--
Sunrise Senior Living, LLC, announced today that it has acquired the
management company of Gracewell Healthcare, a residential care home
company in the United Kingdom owned by Health Care REIT, Inc. (HCN).
Sunrise will manage the 11 care homes comprised of 767 units in southern
England under the Gracewell brand.
Sunrise has also entered into an agreement with HCN and Gracewell's
founders, Tim Street and Daniel Kay, who will continue to be financed by
Patron Capital, a pan-European institutional investor focused on
property-backed investments. The agreement includes the redevelopment of
one community, the development of 11 additional properties, which are
expected to open beginning in 2016, as well as the management of a
pipeline f future projects of approximately five new properties per
"We are extremely pleased to expand our operations and footprint in the
United Kingdom with Gracewell Healthcare, a company whose mission so
closely aligns with ours," said Chris Winkle, Sunrise's chief executive
officer. "We believe Sunrise's communities and Gracewell's care homes
will mutually benefit from our expanded operating platform, allowing us
to provide our high-quality care to even more seniors."
Sunrise will continue to operate its current portfolio of 27 communities
throughout the United Kingdom under the Sunrise brand.
About Sunrise Senior Living
Sunrise Senior Living, a McLean, Va.-based company, employs
approximately 29,000 people. As of July 1, 2014, Sunrise operated 289
communities in the United States, Canada and the United Kingdom, with a
unit capacity of approximately 26,200. Sunrise offers a full range of
personalized senior living services, including independent living,
assisted living, care for individuals with Alzheimer's and other forms
of memory loss, as well as nursing and rehabilitative services.
Sunrise's senior living services are delivered by team members who are
trained to encourage independence, preserve dignity, enable freedom of
choice and protect the privacy of residents. To learn more about
Sunrise, please visit SunriseSeniorLiving.com.
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