Ventas, Inc. announced this week that it would acquire Cogdell Spencer Inc., a real estate investment trust (REIT) with 72 medical office buildings (MOB), according to a Bloomberg report. Cogdell shareholders will get $4.25 per share; at closing, Ventas's investment, including its share of debt, is expected to approximate $760 million to $770 million, before anticipated transaction expenses. Cogdell has reached an agreement under which Cogdell's design-build and development business will be sold to an affiliate of Lubar & Co., a private equity firm affiliated with David Lubar, prior to completion of the Ventas transaction.
"We are delighted to announce this strategic and accretive acquisition that further broadens our footprint in the attractive MOB sector, continues to diversify our business and tenant relationships and keeps our balance sheet strong," Ventas Chairman and Chief Executive Officer Debra A. Cafaro said. "Cogdell's high-quality properties enhance our medical office building market presence, especially in the southeast, and provide an opportunity to scale our Lillibridge Healthcare Services subsidiary platform. We look forward to successfully integrating the Cogdell properties into the Ventas portfolio."
After the deal, "Ventas will have the leading MOB business in the U.S., with over 20 million square feet owned or managed, and a coast-to-coast presence that is second to none in the healthcare real estate industry," Todd Lillibridge, executive vice-president of medical property operations at Ventas, said in a Reuters report.
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