TOLEDO, Ohio (AP) — Health Care REIT Inc. plans to spend $697 million in cash to buy a majority ownership stake in 47 Canadian senior housing communities.
The Toledo, Ohio, real estate investment trust said Wednesday its total consideration amounts to $1 billion, counting debt assumption. Health Care REIT invests in senior housing and health care real estate.
Under the agreement, Health Care REIT will acquire a 75 percent stake in the communities from Revera Inc. Those properties are located in cities like Toronto, Ottawa and Vancouver. Revera, a Canadian company, will hold the remaining stake and manage the properties under an incentive-based contract.
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