—Ventas Inc., based here, has joined with Atria Senior Living Inc. to purchase interests in Atria Inc. from Lazard Freres Real Estate Investors LLC for $242 million.
In May 2011, Ventas acquired substantially all of the real estate assets and working capital of privately-owned Atria Senior Living. At that time, the Atria firm was owned byfunds managed by Lazard or its affiliates. Prior to the closing of the transaction, ASLG spun off its management company. The new, spun off management company was named Atria Senior Living Inc. (Atria), which continued to be substantially owned and controlled by LFREI or its affiliates.
In the transaction, Ventas acquired 100 percent of the funds owned by Lazard. The funds now own a 34 percent interest in Atria. Atria’s employees now own 66 percent of the company. John Moore will stay on as chairman and CEO of Atria. Atria remains the same corporate and licensed entity and will continue to manage for Ventas a portfolio of 118 private pay senior living communities containing approximately 13,600 units that are located in major metropolitan.
In the, Ventas obtained certain rights and minority protections regarding material transactions affecting Atria and is entitled to two seats on the Atria Board of Directors “We are excited to complete this strategic transaction, creating additional alignment and capacity to grow our private pay senior housing business with Atria,” said Ventas Chairwoman and CEO Debra Cafaro.