News
CPPIB JVs With Welltower On Senior Housing Portfolio Purchase
February 23, 2016
Canada Pension Plan Investment Board and Ohio-based Welltower Inc have formed a JV to purchase a 97.5% interest (everyone is always scared to eat the last slice of pie) in a portfolio of six senior housing properties in Florida, collectively known as Aston Gardens. (The Naples community is seen above.) Aggregate purchase price for the JV’s stake was US$555M, with CPPIB owning 45% of the JV and Welltower owning 55%. Discovery Senior Living owns the remaining 2.5% interest and operates the properties. The six active-living communities—campus-style accommodations in low-rise buildings surrounding a central clubhouse—have 1,930 total units.
