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TOLEDO, OHIO, AND TORONTO — Health Care REIT Inc. (NYSE: HCN) and Revera Inc. (Revera) have entered into a definitive agreement to acquire Regal Lifestyle Communities Inc. (Regal) (TSX: RLC) through an existing 75/25 joint venture for a total value of approximately CA$766 million, or US$623 million. Toronto-based Regal is a publicly traded corporation that owns and operates 23 seniors housing communities with over 3,600 units. The private-pay portfolio includes 13 communities in Ontario, seven in Quebec, and one each in British Columbia, Saskatchewan and Newfoundland. Approximately 83 percent of the portfolio’s net operating income is derived from Toronto, Montreal, Ottawa and Vancouver. HCN will have a 75 percent stake in the portfolio and Revera will own 25 percent. “Together with our partner, Revera, we continue to deliver compelling housing and care settings for Canada’s growing senior population,” says Tom DeRosa, CEO of Toledo-based HCN. “The acquisition of Regal is 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.” The acquisition price represents a per-share cost of CA$12. The initial cash yield is expected to be 6.1 percent and to be immediately accretive to funds from operations …

TORONTO — Sun Life Financial Inc. (NYSE: SLF), a Toronto-based life insurer, has announced its acquisition of Bentall Kennedy Group for a purchase price of USD$454 million. Bentall Kennedy is a real estate investment manager operating in Canada and the U.S., with corporate offices in Toronto, Vancouver and Seattle. The acquisition is part of Sun Life’s strategy to broaden its asset management pillar by expanding and diversifying the capabilities of Sun Life Investment Management, the company’s real estate investment management arm that services third parties and manages Sun Life’s general account. The transaction is expected to close in the third quarter of 2015, subject to customary closing conditions, including regulatory approvals. “The acquisition of Bentall Kennedy is a perfect fit with Sun Life’s four-pillar strategy,” says Dean Connor, CEO of Sun Life Financial. “It expands and diversifies our asset management pillar, with one of the most respected names in real estate.” The two firms will combine their real estate investment management teams and Bentall Kennedy will be a unit of Sun Life Investment Management. Bentall Kennedy will retain its brand name and be Sun Life’s exclusive real estate investment management platform. Bentall Kennedy will also have the ability to offer …

NEW YORK — NorthStar Healthcare Income Inc. has acquired a $639.3 million portfolio of continuing care retirement communities (CCRCs) from subsidiaries of Fountains Senior Living Holdings LLC. The portfolio will continue to be operated by Watermark Retirement Communities Inc., a national operator of seniors housing facilities and affiliate of The Freshwater Group, Inc. In connection with the acquisition, NorthStar Healthcare obtained fixed-rate financing through Freddie Mac’s multifamily-seniors housing loan program, with an aggregate principal amount of $410 million, a fixed interest rate of 3.9 percent and a term of seven years. The portfolio consists of 15 CCRCs and 23 contracted life estate units, including 3,637 units located in 11 states, with the largest concentrations in New York, California, Florida and Michigan. The six entrance-fee properties were acquired directly by NorthStar Healthcare and leased to affiliates of Freshwater pursuant to a master net lease. The nine rental properties were purchased by a joint venture between NorthStar Healthcare and an affiliate of Freshwater, which own 97 percent and 3 percent of the joint venture, respectively, and will be operated by an affiliate of Freshwater pursuant to long-term management agreements. Occupancy of the portfolio was 85 percent as of March 31. “Watermark is a …

CHANHASSEN, MINN. AND NEW YORK — Life Time Fitness Inc., a fitness center chain headquartered in the Minneapolis suburb of Chanhassen, Minn., has entered into a sale-leaseback transaction with Gramercy Property Trust Inc. (NYSE: GPT), a real estate investment trust (REIT) based in New York City. As per the sale-leaseback agreement, Gramercy will acquire a portfolio of 10 high-end fitness centers from Life Time Fitness for an aggregate purchase price of approximately $300.5 million. The REIT will then lease the portfolio back to Life Time Fitness for a 20-year term. For the combined portfolio, net operating income is anticipated to be approximately $19.5 million in the first year of the agreement. The portfolio totals approximately 1.3 million square feet located in major markets across the United States. The $300.5 million sale-leaseback transaction comes on the heels of an investor group’s acquisition of Life Time Fitness Inc., which is valued at more than $4 billion. The investor group is led by affiliates of Leonard Green & Partners and TPG. Other key investors include LNK Partners and Bahram Akradi, Life Time Fitness’ chairman, president and CEO. Up until yesterday, Life Time Fitness traded on the New York Stock Exchange under the stock …

AUSTIN, TEXAS — Summit Hotel Properties (NYSE: INN) has agreed to sell 26 hotel properties throughout the U.S. to American Realty Capital Hospitality Trust for $351.4 million. The portfolio contains 2,793 rooms, or about 19.6 percent of the company’s pro-forma hotel EBITDA (earnings before interest, taxes, depreciation and amortization). The hotels are located in Oregon, Louisiana, Texas, Indiana, Arizona, Missouri, Tennessee, Illinois, Florida, Washington and Colorado. The sale of the properties is scheduled to close in three separate tranches. The estimated sales dates are September and October of this year and January 2016. “We are very excited at the opportunity to recycle capital on a larger scale,” says Dan Hansen, Summit’s president and CEO. “This proposed transaction will enable us to continue to improve our asset mix and upgrade our portfolio with additional accretive acquisitions with strong growth profiles and diverse demand generators.” Adds Hansen: “Recycling capital to create long-term value for our shareholders is a proven strategy for us and one we consider to be a core strength.” The total sales price represents a cap rate in the mid-7 percent range based on trailing 12-month net operating income as of March 31. The 12-month revenue per available room (RevPAR) …