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TOLEDO, Ohio - Health Care REIT Inc., a health care real estate investment trust, said Friday it is ending its agreement to buy majority control of 29 Sunrise Senior Living Inc. nursing home properties.
Health Care REIT said the acquisition would not be in the best interest of its shareholders due to uncertainty in the capital markets. The company had agreed Sept. 2 to buy a 90 percent stake in the 29 properties from Arcapita Inc., an investment bank, for $643.5 million.
McLean, Va.-based Sunrise owns the remaining 10 percent stake, and manages the properties. It said the cancellation of the deal will not affect its business. The company operates 445 communities in the U.S., Canada, Germany and the United Kingdom, and had 36 more under construction at the end of the second quarter.
In morning trading, Sunrise Senior Living stock dropped $1.20, or 27.3 percent, to $3.19. Shares of Health Care REIT fell 44 cents to $42.10.
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