PSP Investments Announces Sale of Sunrise Senior Living

Sale advances PSP Investments’ portfolio rotation strategy

Davies is acting for PSP Investments, one of Canada’s largest pension investors, in its sale of Sunrise Senior Living, a leading North American operator, owner and developer of premium senior living communities, to funds affiliated with BDT & MSD Partners.

Sunrise operates more than 230 communities across the United States and Canada, serving over 22,000 residents. Its development pipeline includes more than 50 new communities, representing approximately US$7.5 billion in expected development costs.

PSP Investments first invested in Sunrise in 2014 and became its sole owner in 2023. The transaction forms part of its portfolio rotation strategy and is expected to close in 2027, subject to customary regulatory approvals. BDT & MSD Partners will partner with Sunrise’s senior leadership team following the acquisition.

The Davies team advising PSP Investments includes Steven Levin and Charles Larose Jodoin, Giulia Caselli Maldonado, Eric Driver, Jacob Krane-Paul and Kevin Greenspoon (M&A); Jonathan Rhein and Michael Cardinal (Tax); Thomas Hand (Real Estate); Mark Katz and William Rooney (Competition); Scott Hyman (Finance); Stephanie Pasternyk (Employment and Labour); Max Jarvie and Gabriel Boulianne Gobeil (IP and Privacy); Alexandria Pike (Environment); Joey Sutera Sardo and Khaled Hassoun (Stagiaires).