Foley successfully represented Revera Inc., a leading provider of seniors' accommodation, in a new co-investment with Health Care Reit in the ownership of the Sunrise Senior Living management company. Sunrise Senior Living is a Virginia-based company that currently operates 290 communities in the United States, Canada and the United Kingdom offering a full range of personalized senior living services.
Upon completion of the transaction, Revera will own a 76% interest in Sunrise and Health Care Reit will own the remainder. Health Care Reit and Revera are obtaining their interests in Sunrise from affiliates of Kohlberg Kravis Roberts & Co. L.P., Beecken Petty O'Keefe & Company and Coastwood Senior Housing Partners LLC. The transaction is projected to close in the second quarter of 2014, subject to regulatory approvals.
Earlier last year, Foley represented Revera in a $1.35 billion joint venture with Health Care REIT which shares ownership of 47 retirement homes in Canada.
Foley attorney Chris Donovan successfully represented Revera as lead counsel on the agreement.