Bankrupt Arcapita Sells UK Senior Housing Portfolio To HCR

Law360, New York (January 7, 2013, 2:12 PM EST) -- Ohio-based Health Care REIT Inc. will buy an 80 percent stake in five senior housing facilities in suburban London from Arcapita Bank BSC, the Islamic investment house that filed for bankruptcy protection last year, the bank said Monday.

Bahrain-based Arcapita invested in the properties in 2003 through a joint venture with Sunrise Senior Living Inc., which Health Care REIT bought in August for nearly $2 billion, including debt. HCR will acquire Sunrise's 20 percent interest in the five facilities when that transaction closes, giving it complete...
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