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CHICAGO-Public REIT Ventas Inc. announced this morning that it will acquire private REIT Lillibridge Healthcare Services Inc., with ownership interest in about 95 medical office buildings, for between $300 million and $400 million. Both trusts are based here.

Ventas is one of the largest health care trusts, with more than 500 properties in 43 states and two Canadian provinces. The trust’s business model trends more toward senior housing and skilled nursing facilities, with medical offices being only 5% of the sites owned. This purchase adds much-needed property diversification to Ventas, resulting in the trust managing or owning 154 medical offices with 8.4 million square feet in 20 states and Washington, DC. Lillibridge also is gaining in the deal, says CEO Todd Lillibridge.

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