WASHINGTON (dpa-AFX) - Welltower Inc. (WELL) announced that it agreed to acquire a portfolio of 38 ultra-luxury seniors housing communities and nine entitled development parcels, including a 31-property in-place portfolio valued at C$3.2 billion, from Ontario Teachers' Pension Plan for aggregate consideration of C$4.6 billion. The portfolio is located within highly affluent neighborhoods in Toronto, Vancouver and Victoria.
Welltower also announced the formation of a long-term strategic partnership with Amica Senior Lifestyles, a preeminent seniors housing owner/operator of category-defining luxury communities.
Welltower plans to acquire seven properties currently under construction that have been meticulously planned and curated throughout development timelines that have stretched nearly a decade. The under-construction properties will be acquired upon the achievement of certificates of occupancy, which is expected to occur in stages between 2025 and 2027.
At closing of the in-place portfolio and development parcels, which is expected in the fourth quarter of 2025, subject to customary regulatory approvals, Welltower will assume C$560 million of CMHC-insured, debt with an average interest rate of 3.6% and a four-year weighted average maturity.
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