US-based Sunrise Senior Living is to invest up to EUR 770 mln to develop assisted-living communities in the UK in a joint venture with Prudential Financial's property investment arm. Sunrise plans to develop 18 communities in the UK over the next four years through its new joint venture with N.J.-based Prudential Financial. Prudential Real Estate Investor will own 80% of the joint venture, whilst Sunrise will own the remaining 20%, newspaper Washington Business Journal reported.
US-based Sunrise Senior Living is to invest up to EUR 770 mln to develop assisted-living communities in the UK in a joint venture with Prudential Financial's property investment arm. Sunrise plans to develop 18 communities in the UK over the next four years through its new joint venture with N.J.-based Prudential Financial. Prudential Real Estate Investor will own 80% of the joint venture, whilst Sunrise will own the remaining 20%, newspaper Washington Business Journal reported.
Sunrise entered the UK in 1999. Since then, it developed 12 communities outside of London, with 18 additional ones under development. The group has also communities in Germany and is looking at further opportunities in Europe, as it sees 'tremendous potential for growth in the UK and other European markets', Sunrise's president Thomas Newell said. The company operates about 420 senior living communities in 37 states in the US, Canada, the UK and Germany with a combined resident capacity of around 52,000.