Ventas, Inc. (NYSE:VTR), a healthcare real estate investment trust, announced on Jan. 3 that private investment funds managed by Lazard Real Estate Partners LLC and its affiliates have agreed to sell 21,070,658 shares of Ventas common stock, approximately a 7.3% stake.
The shares will be sold to Citigroup, who will underwrite them in a public offering; all net proceeds from the sale of the common stock will go to the selling stockholders, with Ventas receiving none of the proceeds. Citigroup has agreed to purchase the shares from the selling stockholders at a price of $53.45 per share, which would result in approximately $1.13 billion of proceeds going to the selling stockholders.
The sale of shares by these stockholders is pursuant to an effective shelf registration statement filed with the Securities and Exchange Commssion. A copy of the prospectus supplement and accompanying prospectus that has the terms of the offering will be filed with the SEC and may be obtained from Citigroup when available.
Written by Alyssa Gerace