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Ventas prices common stock offering to help fund Canadian portfolio buy

Ventas Inc. priced an offering of 11.0 million common shares at a price to the public of $62.75 per share, reflecting gross proceeds of approximately $690.3 million.

The real estate investment trust also granted the underwriters a 30-day option to buy up to 1,650,000 additional shares at the same offering price, which would bring the gross proceeds to $793.8 million if such option is fully exercised.

Ventas aims to use the net proceeds to partially fund its planned acquisition of substantially all of a C$2.4 billion seniors housing portfolio in Quebec, in partnership with Le Groupe Maurice. Any remaining funds will go toward working capital and other general corporate purposes.

Morgan Stanley, Citigroup and J.P. Morgan are the joint book-running managers for the offering, slated to close on or about June 6.