PensionsMarch 10, 2025

Ontario Teachers’ Makes Nearly 8-Fold Gain From C$4.6B Amica Sale

The pension fund acquired the luxury senior homes operator in 2015 for C$578 million.

Reported by Michael Katz

The Ontario Teachers’ Pension Plan Board made nearly eight times its original investment when it recently agreed to sell Amica Senior Lifestyles and certain of its assets and affiliates for C$4.6 billion ($3.2 billion) to Welltower Inc., a senior housing-focused real estate investment trust.

The C$256 billion pension fund acquired the luxury senior home operator in 2015 through its BayBridge Seniors Housing subsidiary for C$578 million. The company owns, operates and develops private independent living, assisted living and memory care facilities for seniors in the Canadian provinces of Ontario and British Columbia.

According to a recent business update by Welltower, the breakdown of the acquisition is:

C$3.2 billion for 31 in-place properties, which according to Welltower are being acquired “at a substantial discount to estimated replacement cost”;

C$1.25 billion for seven properties under construction; and

C$150 million for nine development parcels in “highly affluent and supply constrained neighborhoods.”

According to the Welltower announcement, when the acquisition of the in-place portfolio and development parcels closes, which it expects will happen in the fourth quarter of this year, Welltower will assume C$560 million of Canada Mortgage and Housing Corp.-insured, below-market debt at an average interest rate of 3.6%.

Ontario Teachers’ made its first investment in Amica in 2010, alongside its co-founders, Douglas MacLatchy and Robert Ezer.