Blackstone Wins Sunwest Portfolio
May 14, 2010
As expected, Blackstone Real Estate Advisors, together with its joint venture partners Columbia Pacific Advisors and Emeritus Corporation, was the only bidder for the Sunwest Management portfolio of 149 senior living properties across the country.
The approximate price remains at $1.3 billion, of which about $1.0 billion will be assumed debt. Exisitng investors will have the option to invest in up to 49% of the joint venture's total equity, or up to $167.6 million, with Blackstone contributing 80% of the remainder and Emeritus and Columbia Pacific 10% each of the remainder. Between now and the closing, the number of properties that will actually be included in the portfolio may change.