Ventas to acquire $1.8B seniors housing portfolio in Quebec in pact with LGM
Ventas announced that it has signed a definitive agreement to acquire a Class A portfolio of 31 purpose-built seniors housing communities and four in-progress developments in the attractive Quebec market by investing through an 85%/15% equity partnership with Le Groupe Maurice, or LGM. The portfolio is valued at C$2.4B or $1.8B including construction in progress. The LGM transaction is expected to close in two phases. The first phase - expected to close early in the third quarter of 2019 - includes a C$987M bridge loan from Ventas to LGM to enable it to buy out its current private equity partner. The second phase, full investment and partnership closing, is subject to the satisfaction of customary closing conditions, including receipt of regulatory approvals, and is expected to occur in the third quarter of 2019.