Mergers and acquisitions in the Long-Term Care sector have been humming this year, with more than 200 transactions on the books through mid-June. But the sale prices, when disclosed, haven’t been as impressive.

Finally, the first billion-dollar-plus deal was announced on June 3. Ventas, Inc. (NYSE: VTR) paid $1.8 billion (C$2.4 billion) for an 85% stake in a seniors housing portfolio located throughout the Canadian province of Quebec.

The portfolio consists of 28 stabilized independent living communities (7,885 total units) in urban markets, with an average age of eight years. Three assets are set to open in 2019 with another 1,032 units, and four developments are expected to open in 2020 or 2021 with an additional 1,400 units. Occupancy at the stabilized communities was 97%. They were owned by a private equity firm and the operator, Le Group Maurice.

The deal establishes a new platform for growth with LGM, a market leader in the design, development and management of seniors housing communities in Quebec who will continue to manage and further develop the portfolio under the Le Groupe Maurice brand, maintaining its vision of quality and innovation.

Ventas will also have exclusive rights to fund and own all additional developments under a pipeline agreement with LGM. Revenue per occupied unit averages over C$2,600 per month. The stabilized assets and the lease-up properties have an estimated 5.5% yield, while the in-progress developments are estimated at 6.5%.

Ventas will also provide a C$987 million loan to LGM to buy out its current PE partner. The transaction is expected to close in the third quarter of 2019.