Arnold & Porter Serves as Special Tax Counsel in $1.9 Billion Real Estate Investment Trust Acquisition
WASHINGTON, DC, August 27, 2012 -- Health Care REIT, Inc. has announced an agreement to acquire Sunrise Senior Living, Inc. in a $1.9 billion deal. An Arnold & Porter team including Joseph Howe III, head of the firm's tax practice, Cynthia Mann, tax partner, and tax associate Josh Scala serves as special tax counsel to Toledo, Ohio-based Health Care REIT on the transaction structuring. The deal includes Health Care REIT acquiring Sunrise's 20 senior housing and retirement centers as well as its interest joint ventures that own 105 other housing communities. The agreement has a purchase price that "reflects a real estate value of approximately $1.9 billion, of which approximately $950 million will be paid in cash and the balance through the assumption of debt," according to a joint press release issued by Health Care REIT and Sunrise. Sunrise is based in McLean, Va. The deal is expected to close in 2013, pending shareholder approval.