Sunrise purchases three residences

Sunrise Senior Living Real Estate Investment Trust, the subject of a proposed $1.1-billion takeover, has bought a controlling interest in three retirement homes from the related company that manages its properties. The $55.3-million deal will give the REIT an 80-per-cent stake in the assisted-living residences, with U.S.-based manager Sunrise Senior Living Inc. retaining the remaining 20 per cent. Sunrise investors are scheduled to vote April 11 on a takeover bid by Ventas Inc. Late Monday, the REIT also released its 2006 financial statements. The results, which included a $2.4-million special charge related to the REIT takeover, saw losses rise to $39.3-million from $27.6-million for the year. Revenue was $311.4-million, up from $171.3-million. Net operating income was $119.6-million, an increase from $65-million. SZR.UN (TSX) rose 18 cents to $17.08.