TORONTO – The CPP Investment Board along with a partner are jointly buying six seniors housing properties in Florida for US$555 million.
The Toronto-based retirement fund manager will own 45 percent of the new partnership which will purchase the Aston Gardens properties, which have as many as 1,930 rental units in low-rise buildings in several communities throughout Florida.
The other 55 percent of the joint venture will be owned by Welltower Inc. of Toledo, Ohio, which operates a genuine estate investment trust with 1,400 properties in the United States, Canada and also the Uk.
Related
- CPP Fund gain on loonie’s drop delivers 4.5% return on investments in quarter ended Dec. 31Canadian pension funds withdraw on infrastructure deals as prices climb beyond reason
-
-
-
Discovery Senior Living continues to operate the properties and also have a 2.5 percent ownership stake in the portfolio, which will be owned 97.5 per cent by the partnership partners.
Two of the Aston Gardens properties have been in Sun City Center and the other four are in Naples, Parkland, Tampa and Venice, Fla.
The CPPIB manages investments on behalf of the Canada Pension Plan, that is funded by employee and employer contributions. As of Dec. 31, it had $282.6 billion of assets under management.
