Sunrise Senior Living announced today that it has acquired the management company of Gracewell Healthcare, a residential care home company owned by Health Care REIT, Inc. (HCN). Sunrise will operate 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 of future projects of approximately five new properties per year.
“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.