Ventas, a Chicago-based real estate investment trust, closed on its agreement to buy substantially all the real estate assets of Atria Senior Living Group, Louisville, Ky., an assisted living company, for $3.1 billion.
Ventas completes $3.1 billion Atria deal
The deal price includes the assumption or repayment of $1.6 billion of net debt, $1.35 billion in Ventas common stock and $150 million in cash, according to Ventas (PDF).
Before closing the deal, Atria Senior Living Group spun off its management business to Atria Senior Living, a new company that will continue manage the 118 private pay senior living communities involved the deal. Atria is owned by Lazard Real Estate Partners.
When announced in October, Ventas said that it expects Atria's real estate assets to generate approximately $640 million in revenue in 2011, and net operating income to range between $186 million and $196 million.
In February, Ventas entered into an agreement to purchase fellow REIT Nationwide Health Properties, Newport Beach, Calif., in a deal valued at $7.4 billion in stock and debt. The acquisition would form the largest healthcare real-estate investment trust in the country.
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