Welltower has acquired a portfolio of 38 ultra-luxury senior housing communities and nine entitled development parcels, including a 31-property in-place portfolio valued at C$3.2 billion ($2.22 billion), from Ontario Teachers’ Pension Plan for aggregate consideration of C$4.6 billion ($3.18 billion).

The irreplicable and trophy portfolio is located within highly affluent neighborhoods in Toronto, Vancouver and Victoria. In conjunction with the transaction, Welltower also announced the formation of a long-term strategic partnership with Amica Senior Lifestyles, a preeminent senior housing owner/operator of category-defining luxury communities with a long-term track record of substantial value creation through superior operational and development acumen.

The transaction includes 31 in-place properties comprised of 24 stabilized communities and seven recently opened properties still in lease up.

In addition to the in-place portfolio, Welltower plans to acquire se