Pramerica sells UK senior living portfolio to US REIT

Pramerica Real Estate Investors (PREI) has sold a portfolio of five senior living facilities in the UK to a subsidiary of New York-listed HealthCare REIT. The price comes to £154 mln (EUR 191 mln).

The five facilities were all opened in 2009 and comprise a total of 522 beds. They were the final five communities held in two separate joint ventures between New York-listed company Sunrise Senior Living and institutional funds set up and managed by Pramerica in 2005 and 2007.

Sunrise will remain the operator of the facilities.

In total the two joint ventures have developed and sold 22 senior living facilities in the UK of more than 1.4 million sq ft with more than 2,100 beds. The facilities opened over a period from January 2006 through October 2009 and were sold for a total investment volume of approximately £700 mln.

CBRE Specialist Markets, PWC and Eversheds acted for the joint ventures in the sale.

PREI had net asset value of $33.8 bn at end- June 2012. The firm is the European arm of the real estate investment management and advisory business of Prudential Financial, which is headquartered in New York.