CHICAGO-Ventas Inc. has signed an agreement that will make thecompany the largest US owner of seniors housing communities. Thelocally-based health care REIT will buy the real estate assets ofLouisville, KY-based Atria Senior Living Group, about 118properties, for $3.1 billion.

The trust is paying for the acquisition with $1.35 billion ofits common stock (almost 25 million shares), $150 million in cashand the assumption or repayment of $1.6 billion of net debt. LazardReal Estate Partners, the manager of the private equity funds thatown Atria, is contributing CEO Matthew Lustig to the Ventas Boardof Directors as part of the transaction. Also, Atria will spin offits property management division, with Ventas keeping the companyon in exchange for a minority stake in Atria Management Co. and apotential performance-based payment by Ventas in 2015 o 2016.

Ventas has been on acquisition tear this year, acquiring theminority interest in 58 senior living communities from McLean,VA-based Sunrise Senior Living Inc. in September and locally-basedREIT Lillibridge Healthcare Services Inc., with more than 500properties, in June. Ventas has made six major acquisitions in thepast six years, said CEO Debra Cafaro in a statement.