Court expedites Sunrise Senior Living appeals involving Ventas, Health Care Property

By Lisa Kerner

Charlotte, N.C., March 15 - Sunrise Senior Living Real Estate Investment Trust said the Court of Appeal for Ontario agreed to expedite the appeals involving Sunrise, Ventas, Inc., Health Care Property Investors, Inc. and Sunrise Senior Living, Inc.

The appeals of Sunrise and the two cross-appeals of Health Care Property Investors were ordered to be heard together on March 20, according to a company news release.

Sunrise appealed the Ontario Superior Court ruling that Sunrise is obligated to comply with covenants in the Jan. 14 purchase agreement with Ventas, preventing the company from negotiating with Health Care Property Investors.

Under the agreement, Ventas would acquire the interest in 74 of Sunrise's private-pay senior living communities in the United States and Canada in a transaction valued at $1.8 billion.

According to previous reports, the Health Care Property Investors confidentiality and standstill agreement prohibited it from making any proposal to acquire Sunrise through May 2008. However, the company later withdrew its purchase offer.

Ventas is a Louisville, Ky., health care real estate investment trust.

Toronto-based Sunrise was formed to indirectly acquire and own senior living communities.

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