Morgan Stanley invests $1.1B in Sunrise UK properties

Publish Date:

Tuesday, August 7, 2007

Category:

News Organization:

Washington Business Journal

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Morgan Stanley will invest $1.1 billion in senior living communities developed by Sunrise Senior Living Inc. in the U.K., its first investment in the U.K.'s assisted living market.

Under terms of the joint venture, Morgan Stanley will buy a majority stake in 15 assisted living facilities that are either open and managed by Sunrise or are currently under development by Sunrise.

Morgan Stanley will own 90 percent of the venture. Sunrise will retain a minority stake and run the properties under long-term management contracts.

The partnership "provides a strong platform for expansion" in senior living community investments in Europe, Morgan Stanley said in a statement.

McLean-based Sunrise Senior Living, which operates more than 440 senior living communities in North America and Europe and has more than 40 others under construction, said in July it was exploring strategic alternatives, including the possible sale of the company.

Sunrise (NYSE: SRZ) is subject of a regulatory investigation into its accounting and insider stock sales.

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