CPPIB invests in $555m senior housing portfolio
The Canada Pension Plan Investment Board has formed a joint venture with Welltower to purchase a 97.5 percent stake in a senior housing portfolio for $555 million. Discovery Senior Living owns the remaining 2.5 percent and operates the properties.
The portfolio consists of six private-pay senior housing properties in Florida, known as Aston Gardens. The senior housing properties, primarily independent-living assets, total 1,930 rental units.
CPPIB holds a 45 percent stake in the joint venture, and Welltower owns the remaining 55 percent.
The joint venture follows CPPIB’s 50-50 partnership with Singapore-based Global Logistic Properties.