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Housing across the Pond
Around the State – North JerseyParsippany Prudential Real Estate Investors, the real estate investment and advisory arm of Prudential Financial in Newark, formed a joint venture with senior-living community operator Sunrise Senior Living in McLean, Va., to develop 18 senior-living communities in Britain. Prudential and Sunrise plan to develop the communities over four years, with Sunrise providing management of the properties.
The partners plan to put up to $1 billion into the project with investments of up to $200 million and the remainder to come from loans from third parties. Prudential Real Estate Investors will own 80 percent of the venture. Sunrise and Prudential began teaming up in 2002 to break into the British market with about 12 senior-living communities.
