Brookfield Asset Management has been confirmed as the buyer of a 32-property portfolio of Sunrise Senior Living communities sold by Healthpeak Properties (NYSE: PEAK).
That’s according to The Real Deal, which reported the confirmation Wednesday.
The $664 million sale was announced earlier this year in February. At that time, Senior Housing News reported that Brookfield was the likely buyer. The transaction announcement was included among multiple other Healthpeak asset sales totaling about $2.5 billion, and consists of a 32-property SHOP portfolio operated by Sunrise Senior Living that totals 3,235 units.
The deal covered properties across the country, including at least two communities in the New York City borough of Brooklyn, the real estate news website reported.
Senior Housing News reached out to a representative of Brookfield who was not immediately available to confirm the company’s involvement in the sale.
Brookfield, a global real estate services company and alternative asset manager, has more than $600 billion in total assets under management.
In a post on Brookfield’s website in Oct. 2020, the firm laid out three reasons why senior housing presents an attractive investment opportunity: the fact that the pandemic is likely to be a temporary — albeit lengthy — disruption; that Covid-19 restrictions have led to historically low cases of the flu, which bodes well for operations; and that demographics still favor the sector in the long run.
Healthpeak’s sales are part of an effort to reshuffle its business holdings so it can focus on three primary real estate segments: life sciences; medical office buildings; and continuing care retirement communities (CCRCs), a property segment it is eyeing for expansion.
As of the end of the first quarter of 2021, Healthpeak had just $400 million in properties remaining, with all of them under contract to buyers with money at risk, CEO Tom Herzog said during the company’s first-quarter 2021 earnings call in May.
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