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Ventas closes sale of four seniors housing assets to Benchmark Assisted Living for $58.7 mln -
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Ventas Inc. (VTR: News ) said that it has closed on the sale of four seniors housing assets to affiliates of Benchmark Assisted Living for an aggregate sale price of $58.7 million.
The purchase price represents an 8.5 percent capitalization rate on cash rent. Ventas expects to record a gain of approximately $11 million on the sale.
Net cash proceeds to Ventas of $20 million will be used to pay down debt or for general corporate purposes. Benchmark assumed $38.8 million of existing mortgage debt in the transaction.
by RTT Staff Writer
Ventas Inc. (VTR: News ) said that it has closed on the sale of four seniors housing assets to affiliates of Benchmark Assisted Living for an aggregate sale price of $58.7 million.
The purchase price represents an 8.5 percent capitalization rate on cash rent. Ventas expects to record a gain of approximately $11 million on the sale.
Net cash proceeds to Ventas of $20 million will be used to pay down debt or for general corporate purposes. Benchmark assumed $38.8 million of existing mortgage debt in the transaction.
by RTT Staff Writer
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