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Ontario Teachers' said to weigh $5 billion sale of Amica Senior

Ontario Teachers’ Pension Plan, a significant player in the investment landscape, is reportedly considering the sale of Amica Senior Lifestyles, a provider of upscale senior living accommodations. Sources familiar with the matter suggest that this potential transaction could carry a substantial price tag of approximately $5 billion (equivalent to US$3.6 billion).

According to insiders who prefer to remain unnamed due to the sensitive nature of the discussions, Ontario Teachers’ is currently in talks with advisors to explore the possibility of offloading Amica Senior Lifestyles. The Toronto-based company has reportedly attracted interest from multiple parties, indicating a potentially robust market for its assets. However, it's worth noting that no final decision has been reached, and Ontario Teachers’ may ultimately decide to retain ownership of the business.

Representatives from both Ontario Teachers’ and Amica have refrained from providing comments on the matter at this time. This silence leaves room for speculation and anticipation regarding the outcome of these deliberations.

Ontario Teachers’ initially took Amica private back in 2015 through a takeover facilitated by its subsidiary, BayBridge Seniors Housing Inc. Since then, Amica has expanded its presence, boasting more than 30 senior living locations across British Columbia and Ontario, as detailed on its official website.

The potential sale of Amica comes at a notable juncture for Ontario Teachers’, coinciding with its strategic move to internalize its real estate investment operations previously managed by its subsidiary, Cadillac Fairview Corp. This shift in approach follows a year where Ontario Teachers’ saw modest returns, growing by 1.9 percent, which lagged behind its benchmark. Challenges in the real estate and infrastructure sectors, exacerbated by rising interest rates, led to a decline in the overall performance of its real estate portfolio by 5.9 percent, in stark contrast to the 2 percent gain observed for its benchmark.

As Ontario Teachers’ evaluates its investment portfolio and seeks avenues for optimizing returns, the potential sale of Amica Senior Lifestyles emerges as a significant development. The decision, when finalized, will likely have implications not only for the pension plan but also for the broader landscape of senior living accommodations in Canada. Investors and industry observers alike will be keenly watching for further updates on this unfolding story.



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