Ventas completes $3.1B purchase of Atria Senior Living Group

Ventas has completed its $3.1 billion acquisition of 118 private-pay senior housing communities of the privately-owned Atria Senior Living Group. Ventas had announced the acquisition in October 2010.

The Chicago-based healthcare real estate investment trust has acquired nearly all of Atria’s real estate assets with locations in metropolitan New York, New England and California.

The acquisition includes 110 stable assets and eight redevelopment assets, containing approximately 13,500 units, with a median community size of 110 units, a median community age of 12 years and a current average occupancy rate exceeding 87 percent.

The October announcement said the sale was comprised of $1.35 billion in Ventas common stock (a fixed 24.96 million shares), $150 million in cash and the assumption or repayment of $1.6 billion of net debt.

Prior to the closing, the Atria Senior Living Group, based in Louisville, Ky., spun off its management business to Atria Senior Living, a new company that will continue to manage the acquired properties.

“We are gratified to acquire this exceptional portfolio of senior housing communities located in affluent coastal markets managed by Atria Senior Living, an industry leading manager,” Ventas chairman and chief executive officer Debra A. Cafaro said. “This transaction demonstrates Ventas’ strength at structuring and completing complex, multi-party transactions collaboratively.”