The Canada Pension Plan Investment Board (CPPIB) has formed a joint venture with Welltower to take a 97.5% interest in a senior housing portfolio.
The joint venture paid $555m (€500m) for the majority stake in six properties in Florida, known as Aston Gardens.
CPPIB is a 45% owner of the joint venture, with Ohio-based Welltower owning the remaining 55%.
Discovery Senior Living, which owns the remaining 2.5%, operates the 1,930 rental units.
Peter Ballon, managing director and head of real estate investment for the Americas at CPPIB, said: “The Aston Gardens properties are successful because they offer high-quality accommodations, campus-like communities with resort amenities in select, sought-after locations.
“This portfolio is well-positioned to benefit from long-term demographic trends and is an attractive entry into the US seniors housing sector for CPPIB.”
CPPIB said Thomas DeRosa, chief executive at Welltower, provided a “large, global alternative capital source to the public markets”.
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