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Ventas Inc. Completes $2.3 Billion Acquisition Of The New Senior Investment Group Inc.

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Ventas, Inc. and New Senior Investment Group Inc. announced that Ventas has completed its acquisition of New Senior in an all-stock transaction valued at approximately $2.3 billion, including New Senior debt assumed or repaid by Ventas.

Under the terms of the merger agreement, New Senior stockholders are entitled to receive 0.1561 shares of newly issued Ventas common stock for each share of New Senior common stock that they owned immediately prior to the effective time of the merger.

“The acquisition of the New Senior portfolio positions Ventas to capture the powerful senior housing upside at a cyclical inflection point, adds a high quality independent living portfolio in advantaged markets with positive supply and demand fundamentals, and builds on existing relationships with leading operators and our deep experience in independent living at an attractive valuation that is accretive to Ventas,” said Debra A. Cafaro, Ventas Chairman and CEO. “I commend Susan Givens and her excellent team for their professionalism and accomplishments.”

Ventas’s third quarter 2021 guidance issued on August 6, 2021 excluded any contribution or impact from the Transaction.

Effective today, shares of New Senior common stock will no longer be traded on the New York Stock Exchange.

Ventas, an S&P 500 company, operates at the intersection of two powerful and dynamic industries – healthcare and real estate. As one of the world’s foremost Real Estate Investment Trusts, Ventas’s portfolio of approximately 1,300 properties is buoyed by the demographic tailwind of a large and growing aging population. Ventas uses the power of capital to unlock the value of senior living communities, life science, research & innovation properties, medical office & outpatient facilities and other healthcare real estate, working with leading care providers, developers, research, educational and medical institutions, innovators and healthcare organizations. Ventas has followed a successful strategy that endures: combining a high-quality diversified portfolio of properties and capital sources to manage through cycles, working with industry leading partners, and a collaborative and experienced team focused on producing consistent growing cash flows and superior returns on a strong balance sheet, ultimately rewarding Ventas stakeholders.

New Senior Investment Group Inc. is a real estate investment trust with a diversified portfolio of senior housing properties located across the United States. New Senior is one of the largest owners of senior housing properties, with 103 properties across 36 states.

 

Source: yahoo! finance

DigitalBridge Group Agrees To Sell Wellness Portfolio For $3.2 Billion

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DigitalBridge Group Inc., the real estate investment trust led by Chief Executive Officer Marc Ganzi, agreed to sell its so-called wellness infrastructure portfolio of more than 300 facilities in a transaction valued at $3.2 billion.

The REIT is set to obtain $316 million in proceeds from the sale of the division, which includes senior housing and skilled-nursing facilities, hospitals and medical office buildings, to Highgate Capital Investments and Aurora Health Network, according to the newly released statement. Highgate and Aurora are set to assume about $2.9 billion in associated debt. Bloomberg News first reported the agreement earlier.

“We’re incredibly bullish about our ability to get the right price for that asset and, ultimately, find the right home for it,” Ganzi said on a second-quarter earnings call last month.

The REIT is working to rotate away from real estate sectors that were favored by its founder Tom Barrack and exclusively pursue digital infrastructure assets such as data centers, fiber networks and cell towers.

“There’s a path to finish the mission between now and the end of the year to get to 100% digital,” Ganzi said at a conference last month.

Boca Raton, Florida-based DigitalBridge, formerly known as Colony Capital, in June agreed to sell assets to Fortress Investment Group LLC. In March, it announced the completion of its sale of a hotel portfolio to Highgate and an affiliate of Cerberus Capital Management LP. Those transactions followed other divestitures including the sale of a stake in real estate investment firm RXR Realty as well as its warehouse portfolio.

DigitalBridge’s shares have gained 146% in the past 12 months, outperforming the Bloomberg U.S. Real Estate Large & Mid Cap Price Return Index, which rallied around 33% over the same period.

Highgate, led by Mahmood and Mehdi Kimji, has historically focused on hotels, its website shows. Its partner on the transaction, Aurora, led by Joel Landau and Leo Friedman, has been an owner-operator of skilled nursing facilities.

 

Source: Wealth Management

Healthpeak Properties Makes $371 Million, 14-MOB, 833,000 Square Foot Portfolio Acquisition

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Healthpeak has not revealed the specific properties that were part of its 14-MOB portfolio acquisition. But in its “Q1 Earnings Release and Supplemental Report,” the cover photo caption states that the property shown, which HREI has determined to be 601 Watkins Centre Parkway in Midlothian, Va., occupied by Bon Secours Mercy Health, was acquired in April. The timing and health system affiliation are consistent with what the REIT reported about the transaction. (PHOTO CREDIT: Healthpeak)

In a significant deal that took place in recent weeks, Denver-based Healthpeak Properties Inc. on April 30 acquired a 14-property, 833,000 square foot medical office building (MOB) portfolio for $371 million.

News of the purchase surfaced in the Q1 earnings report recently released by the publicly traded real estate investment trust (REIT) as well as during the REIT’s May 5 earnings call with securities analysts, during which officials discussed certain aspects of the acquisition.

In its Q1 earnings report, Healthpeak notes that the deal was an “off-market” one and that the facilities are all on hospital campuses or are in off-campus locations but affiliated with “investment grade health systems.”

The MOBs, according to Healthpeak’s Q1 report, are heavily concentrated in the markets of Minneapolis, Chicago, Philadelphia, Washington, D.C., Los Angeles and Dallas.

 

Source: HREI