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Canada Pension Plan Investment Board and Welltower Form Joint Venture in Portfolio of Seniors Housing Properties in Florida

February 18, 2016 7:38 AM EST

TORONTO, ONTARIO and TOLEDO, OHIO -- (Marketwired) -- 02/18/16 -- Canada Pension Plan Investment Board (CPPIB) and Welltower Inc. (NYSE: HCN) announced today that they 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. CPPIB is a 45% owner of the joint venture and Welltower owns the remaining 55%. The aggregate purchase price was US$555 million for the interest of the joint venture. Discovery Senior Living (DSL) owns the remaining 2.5% and operates the properties.

The Aston Gardens portfolio comprises six private-pay primarily... More