Welltower joint venture invests $555 million in senior housing properties

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Welltower Inc. and the Canada Pension Plan Investment Board have formed a joint venture to purchase a 97.5% interest in a portfolio of six seniors housing properties in Florida, known as Aston Gardens, for $555 million.

Welltower is a 55% owner of the joint venture, and CPPIB owns the remaining 45%. Discovery Senior Living owns the remaining 2.5% of the portfolio and operates the properties.

The Aston Gardens portfolio comprises six private-pay, primarily independent living, seniors housing properties with a total of 1,930 rental units. The properties offer campus-style accommodations in low-rise buildings surrounding a central clubhouse with grounds.

“The Aston Gardens properties are successful because they offer high-quality accommodations, campus-like communities with resort amenities, in select, sought-after locations,” said Peter Ballon, managing director and head of Real Estate Investments Americas for CPPIB. “This portfolio is well-positioned to benefit from long-term demographic trends and is an attractive entry into the U.S. seniors housing sector for CPPIB.”

The joint venture expands CPPIB's existing partnership with Welltower, Ballon added.

Thomas J. DeRosa, CEO of Welltower, said: “As a long-term investor, CPPIB provides a large, global alternative capital source to the public markets that enables us to continue driving the evolution of healthcare infrastructure with our unparalleled network of leading health system and seniors housing operating partners. This is a high-quality portfolio that aligns with our focus on maintaining the industry's premier quality portfolio. We're also very pleased to welcome Discovery Senior Living, a high-quality operating partner with follow-on investment opportunities, into the Welltower family.”

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