TORONTO — U.S. company Welltower Inc. has signed a deal to buy Amica Senior Lifestyles from Ontario Teachers' Pension Plan for $4.6 billion.

The deal includes 31 seniors residences and seven under construction.

As part of the transaction, Welltower will also acquire a minority interest in Amica’s management company with the Amica management team owning the majority interest.

Welltower CEO Shankh Mitra says the deal comes against a backdrop of rapidly growing demand and limited new supply for seniors residences.

Ontario Teachers' first invested in Amica in 2010 and took the company private in a deal with management in 2015.

The deal with Welltower is expected to close in the fourth quarter of 2025, subject to customary regulatory approvals.

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This report by The Canadian Press was first published March 3, 2025.