Ventas, Inc. announced that it had acquired 100% of various private investment funds, previously managed by Lazard Frères Real Estate Investors, for $242 million. Ventas paid $1.5 billion two years ago for the real-estate assets of Atria Senior Living Group, at which point Atria's management company spun off into a separate entity and continued to manage the assets under a new contract with Ventas.
Atria remains the same corporate and licensed entity and will continue to manage for Ventas a portfolio of 118 high-quality, private pay senior living communities containing approximately 13,600 units that are located in major metropolitan markets with strong wealth demographics. While Ventas now owns 100% of Atria, Atria's Chairman and Chief Executive Officer John Moore will continue to lead Atria, one of the nation's premier providers of senior living care services.
"We have been working closely with Ventas to finalize this transaction, and we are so pleased that today we can announce its completion," said John A. Moore, Atria's Chief Executive Officer, in a press release. "This has been a complicated process, especially the structure of the transaction and the portfolio location in high barrier-to-entry real estate markets that have complex regulatory frameworks, but I believe that our ability to work together with the Ventas team to ensure a smooth transition is a great sign of things to come. We couldn't be more excited about what the future holds."
"We are excited to complete this strategic transaction, creating additional alignment and capacity to grow our private pay senior housing business with Atria," Ventas Chairman and Chief Executive Officer Debra A. Cafaro said. "Atria is one of the nation's premier providers of care to seniors, with a robust reporting and regulatory infrastructure. Its experienced team has delivered outstanding results. We are proud to expand our relationship with Atria, ensure its continued success and create additional opportunities for growth," she added.
For more news and information visit Blumberg Capital Partners.
No comments:
Post a Comment