On March 2, 2025, Welltower Inc. (NYSE: WELL) agreed to acquire a 38-property ultra-luxury seniors housing portfolio and nine development parcels from Ontario Teachers' Pension Plan ("Ontario Teachers") for C$4.6 billion. The portfolio, valued at C$3.2 billion, includes 31 in-place properties in Toronto, Vancouver, and Victoria, with seven additional properties under construction set for staged acquisition between 2025 and 2027. Welltower also plans to acquire nine entitled development parcels in high-demand areas.

As part of the deal, Welltower formed a long-term strategic partnership with Amica Senior Lifestyles, which will continue managing the properties under a RIDEA 5.0 contract. Welltower will acquire a minority stake in Amica’s management company, while Amica retains the majority interest. The acquisition is expected to close in Q4 2025, subject to regulatory approvals, with Welltower assuming C$560 million in CMHC-insured debt at a 3.6% interest rate.

Goodmans LLP and Sidley Austin LLP represented Welltower. Goldman Sachs & Co. LLC served as lead financial advisor to Ontario Teachers, with CIBC Capital Markets and Newmark Group, Inc. also advising. Stikeman Elliott LLP and Torys LLP acted as legal advisors to Ontario Teachers.