Sunrise Senior Living REIT Completes $134M Private Placement

On September 6, 2006 Sunrise Senior Living REIT completed a private placement of 4,843,000 subscription receipts, which were converted into units of the REIT on September 13 upon completion of the acquisition described below, for $46 million and $88 million principal amount of series 2006-2 7.0 per cent extendible, convertible, unsecured, subordinated debentures on a bought deal basis. The underwriting syndicate was led by TD Securities Inc. and included RBC Dominion Securities Inc., Scotia Capital Inc., BMO Nesbitt Burns Inc., CIBC World Markets Inc., National Bank Financial Inc. and Canaccord Capital Corporation. The offering was undertaken to partially finance the REIT's September 13 acquisition of an 80 per cent controlling interest in 24 assisted living communities in the United States.

Sunrise Senior Living REIT, based in Toronto, is focused on indirectly acquiring and owning income-producing senior living facilities in metropolitan and suburban areas in the United States and Canada.

Torys LLP represented Sunrise Senior Living REIT, with a team that included Pat Koval, Simon Knowling, Terra Rebick, Allen Yi, Corrado Cardarelli, Jeff Scheine and Mike Arnot.

Goodmans LLP represented the underwriters with a team that included Juli Morrow, Allan Goodman, Grant McGlaughlin, Hooman Tabesh, Brad Ross and Glenn Ernst.


Patricia A. Koval Juli Morrow Allen Yi Corrado Cardarelli Terra B. Rebick Simon C. Knowling Allan J. Goodman Brad Ross Grant E. McGlaughlin Hooman Tabesh Jeffrey D. Scheine Glenn S. Ernst