Bahraini investment house Arcapita Bank said Wednesday it has sold 29 retirement communities in the United States in a deal valued at $630 million.
Arcapita said it completed the sale of the portfolio of properties to a joint venture between McLean, Virginia-based Sunrise Senior Living and CNL Lifestyle Properties, a real estate investment trust in Orlando.
Under the terms of the deal, Arcapita will receive $262 million for the properties. The $630 million figure includes the value of debt the new owners will assume.
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