PSP Sells Sunrise Senior Living In US$1B Deal
Canada’s PSP Investments is exiting one of North America’s largest senior-housing platforms, agreeing to sell Sunrise Senior Living to BDT & MSD Partners in a transaction valued at more than US$1B, according to The Wall Street Journal.
The deal shifts control of an operator with more than 230 communities and 22,000 residents across Canada and the U.S., along with a development pipeline of more than 50 communities carrying an expected development cost of about US$7.5B.
Sunrise has a meaningful Canadian footprint, listing 17 communities across three provinces: nine in Ontario, five in British Columbia and three in Quebec. Its Canadian network includes properties across Greater Toronto, Ottawa, Vancouver, North Vancouver, Victoria and Greater Montreal.
PSP first invested in Sunrise in 2014 and became its sole owner in 2023. The Canadian pension investor, which manages $320.6B in net assets, said the sale reflects its strategy of recycling capital after growing the business.
“This transaction reflects our portfolio rotation strategy, recycling capital from a successfully executed investment into new opportunities,” said Simon Marc, PSP’s senior vice-president and global head of private equity and real estate investments.
Sunrise CEO Jack Callison said BDT & MSD’s real estate, hospitality and development experience will “help accelerate Sunrise’s next phase of growth.”
BDT & MSD manages or has invested in about US$20B of real estate and has backed major operating platforms including Greystar.
Sunrise’s senior leadership will remain in place and invest alongside BDT & MSD. The transaction is expected to close in 2027, subject to regulatory approvals.
Pictured: Sunrise of Mississauga is one of 17 Sunrise Senior Living communities in Canada.
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Rick Recckio
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Josh A
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Bob Tuteur
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