GIC RE INVESTS IN JOINT VENTURE FUNDS WITH PRAMERICA REAL ESTATE INVESTORS

SINGAPORE and LONDON, 14th January 2005

GIC Real Estate Pte Ltd (GIC RE), through its affiliate, has signed an agreement to invest £65 million in joint venture funds with Pramerica Real Estate Investors (Pramerica) to build and own assisted living communities in the United Kingdom and Germany. The homes will be operated by Sunrise Senior Living, Inc. (NYSE: SRZ).

Pramerica Real Estate Investors' UK and German Joint Ventures with Sunrise Senior Living, Inc. are estimated to be in excess of £450 million and £230 million respectively. Presently, the UK Venture fund has eight sites under development in the UK, of which four are currently under construction with final planning approval received on a further four. Under Pramerica's German Joint Venture with Sunrise Senior Living, Inc, five sites have been contracted and are under development. The first home in Klein Flottbek, Hamburg will be opening later this month.

Announcing the deal, Dr. Seek Ngee Huat, President of GIC RE said, "We believe that the care home market for seniors is underpinned by strong fundamentals in Europe. Due to the rapid aging of the population coupled with increasing life expectancies, there is a strong demand for the professional care and services provided by Sunrise. This deal provides us with an ideal platform to invest in the sector with an operator who has an established track record."

About GIC Real Estate
Headquartered in Singapore, GIC RE is the real estate investment arm of Government of Singapore Investment Corporation (GIC), which manages the foreign reserves of Singapore. GIC RE's mission is to astutely invest in all real estate-related assets, outside of Singapore, covering all property sectors and product types, to achieve superior risk-adjusted returns for its global portfolio.

GIC RE's approach to investments is shaped by its focus on larger investments with longer-term horizons. In a business that is intrinsically local in nature, GIC RE places a lot of emphasis on establishing strategic alliances with strong local partners and managers. In return, it brings to the partnership its experience and knowledge garnered from its global investment activities. GIC RE's multi-billion dollar portfolio spans over 30 countries, paralleled by few in the world.

Presently GIC RE has over 110 staff in Singapore, San Francisco, New York, Tokyo and London.

About Sunrise Senior Living, Inc
Sunrise Senior Living provides an innovative approach to care based on the 'Assisted Living' model first developed in the Netherlands. Its ethos is to encourage a better quality of life for older people by ensuring that they are able to maintain their independence for as long as possible, with staff trained to preserve the dignity of residents, providing assistance with day-to-day tasks rather than intensive nursing support.

Working closely with its own experts in Alzheimer's and related memory disorders, Sunrise Senior Living has also developed its own highly acclaimed Reminiscence programme, specifically addressing the needs of these residents through the provision of dedicated facilities and a tailored, personalised programme of care.

Founded in Northern Virginia in 1981 by Paul and Terry Klaassen, Sunrise Senior Living has more than 400 communities open or under construction in the United States, Canada, United Kingdom and Germany, with a combined capacity for approximately 43,000 residents, and employs over 35,000 staff.

About Pramerica Real Estate Investors
Comprised of fund management centres in the United States in Parsippany, N.J.; Atlanta, Ga.; Boston, Mass.; and globally in Munich; London, Singapore and Mexico City, Pramerica Real Estate Investors is supported by a network of local offices throughout the world. Its specialized operating units offer a broad range of investment opportunities and investment management services in the United States, Europe, Asia and Latin America. Pramerica managed $22.9 billion for more than 300 clients as of June 30, 2004; net assets under management (i.e. after deduction of associated debt and liabilities) were $15.4 billion.