Ventas has announced it has completed its previously announced acquisition of Cogdell Spencer, according to a news release.
"With the closing of the accretive Cogdell acquisition, Ventas is now the largest owner of medical office buildings in the United States with over 21 million square feet of owned and managed properties," said Ventas Chairman and CEO Debra A. Cafaro, in the release. "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."
Following completion of the acquisition, Cogdell's MOB portfolio and employees were integrated into Ventas's Lillibridge Healthcare Services. Under the terms of the agreement, Cogdell completed the sale of its Marshall Erdman design-build and development business to an affiliate of private equity firm Lubar & Co.
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