TOLEDO, OH and TORONTO—Welltower Inc., the real estate trust formerly known as Health Care REIT, and Revera Inc. said Monday they had completed their acquisition of Regal Lifestyle Communities Inc. GlobeSt.com first reported on the acquisition of the private-pay seniors housing portfolio spanning five Canadian provinces this past June.

As acquired by Welltower and Revera through their existing 75/25 joint venture, the Regal portfolio has a total enterprise value of approximately CAD$764 million, or US$580 million. It includes 23 communities encompassing approximately 3,600 units, with about 83% of its NOI concentrated in Toronto, Montreal, Ottawa and Vancouver.

When the deal was first announced, Tom DeRosa, CEO of what was then known as Health Care REIT, called it “a rare opportunity to add a large, high-quality private pay portfolio concentrated in Canada's largest metropolitan markets, where there is strong underlying demand. We will continue pursuing strategic international investment opportunities through our teams on the ground in Toronto and London.”

The JV between Welltower and Revera, Canada's second largest seniors housing operator, dates from May 2013, when the Toledo, OH-based REIT acquired a 75% interest in a CAD$1.35-billion portfolio of 47 properties and more than 5,000 units. The Regal acquisition brings the JV to 94 properties across Canada. Revera also owns 76% of Sunrise Senior Living in a JV with Welltower.

Within its JV with Revera or on its own, Welltower now owns an interest in over 21,500 seniors housing units across Canada. This represents approximately 10% of the Canadian seniors housing supply and 15% of the supply in the five largest Canadian markets.

Brookfield Financial and BMO Capital Markets acted as financial advisors to Welltower and Revera. Goodmans LLP was Welltower and Revera's legal advisor. For Regal, CIBC acted as financial advisor and Stikeman Elliott LLP provided legal counsel.