Sunrise and Pramerica Agree to Develop and Own US$1 Billion in Senior Living Communities in the United Kingdom.
PR Newswire Europe, January, 2007
MCLEAN, Virginia, January 11 /PRNewswire/ --
Sunrise Senior Living, Inc. (NYSE: SRZ), the largest global senior living operator, has announced that it has formed a joint venture with Pramerica Real Estate Investors ("Pramerica") to continue developing senior living properties in the United Kingdom (UK). Pramerica is the real estate investment and advisory business of Prudential Financial, Inc. (NYSE: PRU).
Pramerica, acting on behalf of institutional investors, will own 80 percent of the joint venture, with the remaining 20 percent owned by Sunrise. Property developments will be funded through contributions of up to approximately US$200 million (100 million pounds Sterling) by the partners, based on their percentage interest, with the balance funded by...
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