06:46 AM EST, 03/03/2025 (MT Newswires) -- Welltower ( WELL ) agreed to acquire Amica Senior Lifestyles' portfolio of luxury senior living properties in Canada from the Ontario Teachers' Pension Plan in a deal worth 4.6 billion Canadian dollars ($3.19 billion).

The transaction consists 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, Welltower ( WELL ) said Sunday. The real estate investment trust will also purchase seven under-construction properties that are expected to be completed between 2025 and 2027.

The deal, which requires approval from regulators, is anticipated to close in the fourth quarter. Following completion, Welltower ( WELL ) will take on CA$560 million in Canada Mortgage and Housing Corp.-insured debt.

"We are delighted to announce the acquisition of the Amica portfolio," Welltower ( WELL ) Chief Executive Shankh Mitra said in a statement. "Against a backdrop of rapidly growing demand and limited new supply, we expect the portfolio to drive outsized revenue and cash flow growth in the coming years."

Additionally, Welltower ( WELL ) agreed to form a strategic partnership with Amica and acquire a minority interest in its management company. Amica's management team will retain a majority stake in the company.

"We also believe that we will be key beneficiaries of Welltower's ( WELL ) industry-leading data science capabilities which will help scale our platform," according to Amica CEO Jens Cermak. "Our portfolio has witnessed exceptional growth in recent years, and we strongly believe that this momentum can be sustained well into the future."

Ontario Teachers' made its first platform investment in Amica in 2010. "For more than a decade, we have supported the company's management team as they have grown the platform," Ontario Teachers' senior managing director of private capital, Terry Woodward, said in a separate statement. "We are excited to watch the Company reach new heights in the future."

Last month, Welltower ( WELL ) reported fourth-quarter normalized funds from operations of $1.13 per share, up from $0.96 a year earlier, while revenue increased to $2.25 billion from $1.75 billion. At the time, the company said it expected normalized FFO of $4.79 to $4.95 in 2025.