Kohlberg Kravis Roberts & Co. L.P. (together with its affiliates, “KKR”), Beecken Petty O’Keefe & Company (“BPOC”) and Coastwood Senior Housing Partners LLC today announced the signing of a definitive agreement to acquire the management company business of Sunrise Senior Living, Inc. (“Sunrise”), a leading provider of senior living services and housing, for approximately $130 million. Health Care REIT (“HCN”) will also invest approximately $26 million for a 20% interest in the business. The acquisition is expected to close immediately prior to HCN’s previously announced acquisition of Sunrise discussed below. “This partnership with KKR, BPOC and Coastwood is a major step forward for our transaction with Health Care REIT,” said Mark Ordan, Sunrise’s chief executive officer. “All of us at Sunrise are excited by the opportunity to move forward with this next chapter in our story, and to continue Sunrise's proud traditions of care and service to our residents.” On August 21, Sunrise entered into a binding agreement with HCN pursuant to which HCN committed to acquire all of the outstanding shares of Sunrise for $14.50 per share. HCN will proceed with the acquisition of Sunrise’s real estate. The management company being acquired will include Sunrise’s existing management contracts covering 282 communities, including those communities to be acquired by HCN; leasehold interests in 15 communities; and 12 development parcels. In addition, as of the closing, a subsidiary of the management company will employ all employees of Sunrise and operate under the “Sunrise” name and brand. “Sunrise has a culture and team that is committed to the highest standards of living and quality of care for its residents, and we are investing in that culture and that vision. With its excellent leadership and dedicated employees, Sunrise is a great company that has forged valuable partnerships with the industries’ most respected property owners. We are excited to be a part of its future as it expands its relationship with Healthcare REIT and its other real estate partners in the health care space,” Ralph Rosenberg, Global Head of Real Estate at KKR, stated.