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Reichmann Sells Healthcare Package for $649M

TORONTO-Reichmann International Development scrubs plans to float 67 healthcare and housing properties on the Toronto Stock Exchange.

By Anita Howarth | Updated on September 11, 2006

(To read more on the debt and equity markets, click here.)

TORONTO-The Reichmann family has sold 67 healthcare and housing properties to Ventas for $649 million. The move effectively scuppers plans announced in April to float the bundled assets on the Toronto Stock Exchange.

The properties are located in 16 states and include five properties in southern California, 19 United Rehab properties mainly in Kentucky, eight Elmcroft assisted-living communities in the Southeast and 33 Outlook Pointe assisted-living properties in the mid-Atlantic region.After completion of the deal, Ventas will lease the properties to Senior Care Inc. subsidiaries under a 15-year agreement with two five-year extensions.

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