Welltower has agreed to acquire a portfolio of 38 luxury seniors housing communities and nine development parcels from the Ontario Teachers’ Pension Plan for $4.6 billion.

The properties, located in affluent areas of Toronto, Vancouver, and Victoria, B.C., include 31 existing communities valued at $3.2 billion.

As part of the transaction, Welltower, a Toledo, Ohio-based REIT, will form a long-term strategic partnership with Amica Senior Lifestyles, a Toronto-based operator of luxury seniors housing. Amica will continue to manage the properties under a structured agreement, with Welltower also acquiring a minority interest in its management company.

The acquisition includes seven properties under construction, which Welltower will take ownership of as they reach completion between 2025 and 2027.

“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,” said Shankh Mitra, Welltower’s CEO.

Teachers’ has owned the portfolio for 15 years, taking it private in 2015 while adding 25 properties.

The deal is expected to close in the fourth quarter of 2025, pending regulatory approvals.

Pictured: Amica seniors home in Victoria, B.C.

Photo: Amica