Welltower (WELL) said Sunday that it has entered a contract to acquire a portfolio of 38 ultra-luxury seniors housing communities and nine entitled development parcels in Toronto, Vancouver and Victoria from Ontario Teachers' Pension Plan for 4.6 billion Canadian dollars ($3.19 billion).
The company has also formed a long-term strategic partnership with Amica Senior Lifestyles for a significant future expansion of Amica's ultra-luxury, higher acuity product within their target Toronto, Vancouver, and Victoria neighborhoods.
As part of the transaction, Welltower will acquire a minority interest in Amica's management company with the Amica management team owning the majority interest.
Closing of the in-place portfolio and development parcels is expected in Q4.
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