NEW YORK (TheStreet) -- Shares of Ventas (VTR - Get Report) are down 1.23% to $72.87 on heavy trading volume late Wednesday morning after the company agreed to buy several life-science and medical properties from an affiliate of Blackstone (BX) for $1.5 billion.
The Chicago-based healthcare real estate investment trust plans to buy the majority of the life-science and medical properties of Wexford Science & Technology, according to a statement after yesterday's market close.
Wexford, a property development company that works with universities, academic medical centers and research companies, has been part of BioMed Realty Trust, a REIT that Blackstone bought in January for $4.8 billion, Bloomberg noted.
Ventas will buy 23 operating properties and two development sites. The assets are leased by universities including Yale University, Washington University in St. Louis and Wake Forest University.
The deal marks the company's entry into the business of owning life-science real estate that is affiliated with universities, the REIT said.
Separately, Ventas announced that it will sell 9 million shares to help fund the acquisition.
About 3.15 million of Ventas shares were traded so far today vs. its average 30-day volume of 2.08 million shares per day.
Shares of Blackstone are sliding 2.32% to $22.72 this morning.
Separately, TheStreet Ratings Team has a "Buy" rating with a score of B+ on Ventas stock.
The company's strengths can be seen in multiple areas, such as its solid stock price performance, increase in net income, revenue growth, growth in earnings per share and notable return on equity.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: VTR