Ventas, Inc. (NYSE:VTR) (“Ventas” or the “Company”) announced last week that it has closed on the sale of four seniors housing assets to affiliates of Benchmark Assisted Living (collectively, “Benchmark”) for an aggregate sale price of $58.7 million. The assets are located in Massachusetts and contain 403 units.
The sale was made pursuant to a purchase option that Benchmark held, which was in place prior to Ventas’s ownership of the assets. Prior to the sale, Benchmark was the tenant in these four seniors housing assets. Ventas expects to record a gain of approximately $11 million on the sale and the net cash to Ventas of $20 million will be used to pay down debt or for general corporate purposes. Benchmark assumed $38.8 million of existing mortgage debt in the transaction.
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