Pension funds have exhibited a voracious appetite for asisted-living investments as of late. How voracious? In December, BayBridge Seniors Housing Inc., owned by the Ontario Teachers' Pension Plan, agreed to pay $18.75 a share for Amica Mature Lifestyles Inc. – 113 per cent more than the stock's trading value. The enormous premium seemed more than enough to clinch the deal, but Amica, which boasts luxury real estate in Vancouver, of all places, was well aware of its underpriced stock. It wasn't going to sell for anything below true value.
Lexpert senior editor David Dias reports at lexpert.ca/globe
The Canada Pension Plan Investment Board (CPPIB) took a trip south this winter to scope out its latest investment in sun-soaked seniors living properties.