Ventas Buying Cogdell Spencer and its 72 Medical Office Buildings

Ventas Inc. plans to acquire Cogdell Spencer Inc. and its 72 medical office buildings in an all-cash transaction. At closing, Ventas’ investment, including its share of debt, is expected to range from $ 760 million to $ 770 million, before anticipated transaction expenses.

The sale price plus anticipated transaction expenses values Cogdell’s properties at a low- to mid-7% net operating income (NOI) yield, or slightly more than $ 200 per square foot…
National Commercial Real Estate News From CoStar Group