{"id":1004151726,"date":"2016-09-07T11:30:22","date_gmt":"2016-09-07T19:30:22","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004151726"},"modified":"2020-05-18T13:05:32","modified_gmt":"2020-05-18T21:05:32","slug":"wexford-portfolio-sells-for-1-5b","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/wexford-portfolio-sells-for-1-5b\/","title":{"rendered":"Wexford Portfolio Sells for $1.5B"},"content":{"rendered":"

By Keith Loria, Contributing Editor<\/em><\/p>\n

\"Debra<\/a>

Debra Cafaro, CEO, Ventas<\/p><\/div>\n

Chicago<\/strong>\u2014Ventas Inc.<\/a> has completed its acquisition<\/a> of the life science and medical real estate assets of Wexford Science & Technology LLC<\/a> from affiliates of Blackstone Real Estate Partners VIII LP for $1.5 billion, further solidifying Ventas\u2019s position as the leading capital provider at the intersection of healthcare and real estate.<\/p>\n

\u201cThis transaction allows Ventas to enter the compelling life science business with Wexford, the nation\u2019s leading university-focused life science and medical developer,\u201d John Cobb, Ventas\u2019 CIO & EVP, told Commercial Property Executive<\/a><\/em>. \u201cWith Wexford, we have a unique opportunity to capitalize on increasing healthcare-driven research and development spurred and supported by top tier research universities.\u201d<\/p>\n

The Wexford portfolio of 4.5 million square feet includes 100 percent private pay assets and is leased by excellent credit tenants, including top research universities, academic medical centers and research companies. The portfolio includes 23 operating properties, which are 97 percent leased and represent a projected 2017 cash yield of 6.8 percent.<\/p>\n

\u201cThis transaction reinforces our position as the premier provider of capital at the intersection of healthcare and real estate,\u201d Debra Cafaro, Ventas\u2019 chairman & CEO, told CPE<\/em>. \u201cThe life science and medical market is a growing industry benefiting from the megatrend of longevity, the aging U.S. population and growing biopharma drug development opportunities spurred by the needs of an aging population. We believe the growth opportunity is significant, and look forward to working with Wexford to help leading universities, academic medical centers and research companies fulfill their core missions.\u201d<\/p>\n

Also in the deal, Ventas acquired two development assets pre-leased to Duke University and Wake Forest University that are expected to produce a stabilized unlevered yield of approximately 7.5 percent, and acquired nine development sites principally contiguous to existing assets, two of which present near term development opportunities.<\/p>\n

Wexford will continue to manage the portfolio. Ventas also entered into a long-term management and pipeline agreement with Wexford, whereby Ventas will have exclusive rights to jointly develop future projects with Wexford, which will be independently owned and operated by its experienced, existing management team.<\/p>\n

\u201cThis exciting transaction builds upon our track record of delivering reliable growth and income to shareholders by adding a new high-quality business line of life science and medical real estate to Ventas\u2019s diverse portfolio,\u201d Cafaro said. \u201cSimilar to what Ventas has successfully achieved in medical office and seniors housing, we\u2019ve partnered with the leader in the industry. The deal adds Wexford\u2019s terrific development platform focused exclusively on partnering with institutional quality tenants, including universities, academic medical centers and research companies.\u201d<\/p>\n

Ventas funded the transaction with $736 million in equity raised in July 2016, cash on hand and draws on its revolving credit facility. The impact of the transaction is already reflected in the company\u2019s 2016 normalized FFO per share guidance range of $4.05 to $4.13 issued in its July 29, 2016 press release.<\/p>\n

\u201cThis portfolio is new and top quality,\u201d Cobb said. \u201cThrough our long-term management and pipeline agreement, Ventas will have the exclusive rights to jointly develop future projects with Wexford and we are currently evaluating two exciting new development projects right now that could add to and enhance our existing portfolio.\u201d<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

The 4.5 million-square-foot portfolio includes 23 operating properties with a 97 percent combined occupancy level.<\/p>\n","protected":false},"author":451,"featured_media":1004021141,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1491,21743,21808,21783,23891,21742],"tags":[],"class_list":["post-1004151726","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chicago","category-deals","category-featured","category-investment","category-national","category-latest"],"acf":[],"yoast_head":"\nWexford Portfolio Sells for $1.5B - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/wexford-portfolio-sells-for-1-5b\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Wexford Portfolio Sells for $1.5B\" \/>\n<meta property=\"og:description\" content=\"The 4.5 million-square-foot portfolio includes 23 operating properties with a 97 percent combined occupancy level.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/wexford-portfolio-sells-for-1-5b\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2016-09-07T19:30:22+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-05-18T21:05:32+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/06\/DebraCafaroVentas-e1473148223118.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"680\" \/>\n\t<meta property=\"og:image:height\" content=\"604\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Keith Loria\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/wexford-portfolio-sells-for-1-5b\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wexford-portfolio-sells-for-1-5b\/\",\"name\":\"Wexford Portfolio Sells for $1.5B - 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