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Ventas To Acquire Seniors Housing Community In Manhattan For About $194 Mln

Ventas, Inc. (VTR) said it has agreed to acquire a premier seniors housing community located in the Battery Park City neighborhood of downtown Manhattan for about $194 million from Brookdale Senior Living Inc. (BKD).

The 14-story Community, which includes 217 units overlooking the Hudson River, is a premier independent living community for New York City's senior population and benefits from first class services, gardens, natural light and spacious units.

"The Battery Park acquisition firmly establishes Ventas as the market leader in seniors housing in the elite Manhattan market. Battery Park adds an irreplaceable, well-established community to our high-quality seniors housing portfolio and is uniquely positioned to benefit from New York City's strong demographics," said Debra Cafaro, Ventas Chairman and Chief Executive Officer.

The acquisition is attractively valued below replacement cost and represents an approximately 5 percent going-in yield on net operating income with redevelopment opportunities offering additional potential upside, according to Ventas.

The company expects the closing to occur by year-end 2018.

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