CHICAGO — Two Chicago-based healthcare real estate companies have joined. The Ventas has entered into an agreement to acquire Lillibridge Healthcare Services and its real estate interests in 95 medical office buildings and ambulatory care facilities. Following the closing of the transaction, which is expected in the third quarter, Lillibridge will operate as a wholly owned subsidiary of Ventas.
“Now, more than ever, hospitals and other healthcare providers will demand real estate partners that can quickly and reliably deploy cost-effective capital, facility development and property management solutions across the entire continuum of care,” said Todd Lillibridge, chairman and CEO of Lillibridge Healthcare, in a statement.
The Lillibridge acquisition will greatly expand Ventas' operations and real estate holdings. The company will now have more than 250 employees. In addition, it will control 154 medical office buildings and outpatient facilities totaling 8.4 million square feet across 20 states. It also holds 244 senior housing facilities, 187 skilled nursing facilities and 40 hospitals.
“Ventas has been the best performing publicly traded REIT over the past 10 years,” said Debra Cafaro, president and CEO of Ventas. “The acquisition of Lilllibridge is a major step in executing our strategic growth and diversification plan that will allow us to continue to create value for our clients, employees and shareholders.
— Coleman Wood