Sunrise Assisted Living Inc. of McLean, VA, announced a $17.5 million sale/long-term manage back agreement for an assisted living community in California. The Beach Cities Health District will acquire an 80% interest. Sunrise will maintain a 20% interest and will operate the property, which has a resident capacity of 96, under a long-term management agreement.
Including this sale, the company will have added the sale/long-term manage back of 15 properties for $244.2 million in 2002, according to Paul Klaassen, chairman and CEO, resulting in a debt reduction of $158.5 million and pretax proceeds of $60.7 million. Sunrise has more than 220 homes either open or under construction in the United States, United Kingdom, and Canada, with a combined resident capacity more than 17,000.
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