Healthcare: Ventas Takes $36.6 Million Out of Cash Till and Buys 5 Med Office Buildings
by Alex Finkelstein for Real Estate Channel
It must be nice for some companies to have cash on hand in these troubling financial days to buy new properties. Chicago-based Ventas Inc. (NYSE: VTR) is one of those companies.
In a news release, the publicly traded firm says its wholly owned subsidiary; Lillibridge Healthcare Services, Inc. has acquired a portfolio of five class “A” medical office buildings totaling 225,000 square feet on the campuses of ThedaCare hospitals in Appleton and Neenah, WI for a purchase price of $36.6 million.
“We are pleased to close this first acquisition under our new Lillibridge/Ventas platform,” said Todd W. Lillibridge, Executive Vice President, Medical Property Operations of
Ventas and Chief Executive Officer of Lillibridge.
“These high-quality, well-occupied, on campus assets are an excellent addition to our market-leading portfolio of medical office buildings, and we look forward to growing a new relationship with a highly-rated hospital system such as ThedaCare.”
The acquired medical office buildings will be managed by a subsidiary of Lillibridge.
Ventas funded the acquisition with cash on hand.
Ventas, Inc., an S&P 500 company, is a leading healthcare real estate investment trust.
Its diverse portfolio of more than 600 assets in 44 states (including the District of Columbia) and two Canadian provinces consists of seniors housing communities, skilled nursing facilities, hospitals, medical office buildings and other properties.
Through its Lillibridge subsidiary, Ventas provides management, leasing, marketing, facility development and advisory services to highly rated hospitals and health systems throughout the United States.