TOLEDO, Ohio, and TORONTO — Welltower Inc. (NYSE: HCN) and Revera Inc. have completed the previously announced acquisition of Regal Lifestyle Communities Inc. for CA$12 per share, for a total of approximately CA$764 million (USD$581 million based on today’s exchange rate of CA$1 to USD$0.76).
The Regal portfolio includes 23 private-pay seniors housing communities totaling over 3,600 units, spread throughout Canada but with a heavy concentration in Ontario and Quebec.
Under the agreement, Toledo-based REIT Welltower, which recently changed its name from Health Care REIT, will own 75 percent of the joint venture and Toronto-based seniors housing owner/operator will own the remaining 25 percent.
For more information on the transaction, click here to read Seniors Housing Business’ original article from June.