Healthcare real estate investment trust Ventas said it has completed its previously announced acquisition of Lillibridge, a private owner, manager and developer of medical office buildings and ambulatory facilities. Chicago-based Ventas offered a range for the purchase price of the deal, which is between $300 million and $400 million.
Ventas completes acquisition of Lillibridge
“This strategic acquisition of Lillibridge represents an important breakthrough for Ventas in our goal to be a national leader in the growing area of MOBs and ambulatory facilities—a marketed estimated at $173 billion and expected to grow over 30% in the coming years,” Debra Cafaro, president and CEO of Ventas, said in a news release about the transaction, which was announced late last month.
As a result of the purchase, Ventas now owns a total of 154 medical office buildings in 20 states and the District of Columbia. The company said it will operate the business under the Lillibridge name with its existing Chicago-based leadership, including CEO Todd Lillibridge, who will be named executive vice president of medical properties at Ventas.
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