Recent Senior Housing & Care Transactions: Ensign, Ventas, Sunrise

Ventas Completes Previously-Announced Cogdell Spencer Acquisition

Ventas, Inc. (NYSE:VTR) announced on Monday, April 2 that it had completed its previously announced acquisition of Cogdell Spencer (NYSE:CSA).

“With the closing of the accretive Cogdell acquisition, Ventas is now the largest owner of medical office buildings (“MOBs”) in the U.S. with over 21 million square feet of owned and managed properties,” Ventas Chairman and Chief Executive Officer Debra A. Cafaro said in a statement. “This transaction increases our MOB portfolio from 12 percent to 15 percent of our total business, and we now have a coast-to-coast presence that is second to none in the healthcare real estate industry. We welcome our new colleagues from Cogdell, who have built a well occupied, attractive portfolio of 72 high quality MOBs.”

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Now that the transaction has closed, the Cogdell portfolio and its employees will be integrated into Ventas’ Lillibridge Healthcare Services operating platform.

Effective April 2, shares of Cogdell common stock are no longer traded on the New York Stock Exchange.

Ensign Group Continues to Expand Services, Acquires Utah Home Health Agency

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The Ensign Group, Inc. (NASDAQ:ENSG) announced on April 3 that an Ensign subsidiary has acquired a home health and hospice agency based in St. George, Utah, with branch offices in Kanab, Utah and Page, Arizona, effective April 1, 2012.

Zion’s Way Home Health and Hospice was founded in 2005 and will be operated by a subsidiary of Cornerstone Healthcare, Inc., Ensign’s home health and hospice-based portfolio subsidiary.

“We are pleased with the measured growth and development of our home health and hospice businesses thus far, and this lateral diversification broadens Ensign’s reach into that business,” said Christopher Christensen, Ensign’s President and Chief Executive Officer. “More importantly,” he added, “the Zion’s Way acquisition reflects the increasing depth of our long-term commitment to the vibrant Southern Utah healthcare community and our existing operations there.”

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The new acquisition, which was purchased with cash for an undisclosed price, joins Horizon Home Health and Hospice in Idaho; Custom Care Hospice in the Dallas, Texas market; Symbii Home Health and Hospice in the Salt Lake City, Utah market; Home Care Solutions in Denver, Colorado; Careage Home Care in Cherokee, Iowa; and Connected Home Health in Portland, Oregon.

The transaction is expected to be mildly dilutive to earnings in 2012.

BlackRock Nearly Doubles Stake in Sunrise Senior Living

New York-based investor BlackRock Inc. nearly doubled its stake in Sunrise Senior Living, Inc. (NYSE:SRZ) after buying 1.35 million shares for a 4.89% stake worth $16.80 million, according to an SEC filing.

The company now owns 2.82 million shares, with the stake’s value based on the stock’s closing price of $5.96 per share on April 11. As of the end of last year, BlackRock owned a 2.55% stake worth $9.54 million.

Written by Alyssa Gerace

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