logo
Plus   Neg
Share
Email

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.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
In view of an expected growth in online shopping in the upcoming holiday season, Walmart announced its plan to hire more than 20,000 seasonal associates in its eCommerce fulfillment centers across the country. The company offers a starting hourly rate ranging from $15.75 up to $23.75 based on location, position and schedule. Tour operator TUI AG Tuesday said Summer 2020 and Winter 2020/21 capacity reduced as a result of recent volatile changes in travel restrictions amid Covid-19 pandemic. The company further announced the launch of Global Realignment Programme, aiming to permanently reduce overhead cost base by 30%. The program potentially impacts 8,000 roles. Home improvement retailer Lowe's Companies Inc. plans to install pickup lockers at all U.S. stores aiming to improve contactless delivery for online buyers amid worsening Covid-19 spread. The "Buy Online Pickup in Store" self-service lockers at its more than 1,700 stores will be available by the end of March 2021. In most major metro markets, the online pickup option will be installed by Thanksgiv
Follow RTT