Ventas Acquires Realty Assets from Atria Senior Living
Ventas Acquires
Realty Assets from Atria Senior Living
Ventas Inc. announced on Friday it will spend $1.5 billion in cash and stock to acquire the real estate assets of Atria Senior Living Group. The deal will give Ventas a portfolio of 118 homes in upscale coastal neighborhoods, and the company will also assume $1.6 billion worth of Atria's debt.
The acquisition will make Ventas the nation's largest owner of senior housing properties, as they already have a portfolio of nearly 600 assets in the sector spread across 44 states. The terms of the deal call for Ventas to transfer 24.96 million shares, valued at $1.35 billion and pay $150 million in cash. The real estate investment trust expects the acquired assets to generate about $640 million in revenue in 2011 and to add to the firm's profit in 2012, after transaction costs are absorbed.
Atria, which is headquartered in Louisville, Kentucky, is the fourth largest operator of assisted living properties in the nation. It has senior community properties in New England, California, and the New York City area. The company is owned by several private equity funds managed by Lazard Real Estate Partners. Atria Chairman Matthew J. Lustig will take a seat on Ventas' board as part of the deal. Before the deal is completed, Atria will separate from its management company, which will continue to manage the assets under a new contract with Ventas.
The acquisition is the sixth major deal Ventas has been involved in since 2005. In early October, the firm 58 private-pay senior living communities from affiliates of Sunrise Senior Living for about $41 million. The company also purchased Lillibridge Healthcare Services Inc. for $381 million back in July. That deal involved real estate interests in 95 medical office buildings and ambulatory facilities. Lillibridge develops, manages, and owns hundreds of medical office buildings around the country.
Ventas Inc. announced on Friday it will spend $1.5 billion in cash and stock to acquire the real estate assets of Atria Senior Living Group. The deal will give Ventas a portfolio of 118 homes in upscale coastal neighborhoods, and the company will also assume $1.6 billion worth of Atria's debt.
The acquisition will make Ventas the nation's largest owner of senior housing properties, as they already have a portfolio of nearly 600 assets in the sector spread across 44 states. The terms of the deal call for Ventas to transfer 24.96 million shares, valued at $1.35 billion and pay $150 million in cash. The real estate investment trust expects the acquired assets to generate about $640 million in revenue in 2011 and to add to the firm's profit in 2012, after transaction costs are absorbed.
Atria, which is headquartered in Louisville, Kentucky, is the fourth largest operator of assisted living properties in the nation. It has senior community properties in New England, California, and the New York City area. The company is owned by several private equity funds managed by Lazard Real Estate Partners. Atria Chairman Matthew J. Lustig will take a seat on Ventas' board as part of the deal. Before the deal is completed, Atria will separate from its management company, which will continue to manage the assets under a new contract with Ventas.
The acquisition is the sixth major deal Ventas has been involved in since 2005. In early October, the firm 58 private-pay senior living communities from affiliates of Sunrise Senior Living for about $41 million. The company also purchased Lillibridge Healthcare Services Inc. for $381 million back in July. That deal involved real estate interests in 95 medical office buildings and ambulatory facilities. Lillibridge develops, manages, and owns hundreds of medical office buildings around the country.
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