CPP Investment Board invests US$555 million in Aston Gardens retirement properties in Florida

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 per cent of a new partnership which will buy 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 per cent from the joint venture will be owned by Welltower Inc. of Toledo, Ohio, which operates a real estate investment trust with 1,400 properties in the United States, Canada and the United Kingdom.

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 function the properties and have a 2.5 per cent ownership stake within the portfolio, which is owned 97.5 percent through the joint venture partners.

Two of the Aston Gardens properties have been in Sun City Center and the other four have been in Naples, Parkland, Tampa and Venice, Fla.

The CPPIB manages investments with respect to the Canada Type of pension, that is funded by employee and employer contributions. As of Dec. 31, it had $282.6 billion of assets under management.