Welltower (NYSE: WELL) has acquired a Barchester Healthcare portfolio for about £5.2 billion, which equates to about $6.92 billion U.S. dollars at the current exchange rate.

The portfolio comprises 111 communities managed by Barchester in a RIDEA structure, 152 communities part of a long-term triple-net lease, and 21 ongoing developments which will also be managed in a RIDEA structure following development conversion, Welltower said in its 3Q earnings release.

Barchester is one of the largest U.K. providers of residential and nursing care. The group runs more than 200 care homes and seven registered hospitals in the U.K., operating more than 12,000 beds and employing 17,000-plus staff.

The portfolio is situated for future growth with current blended portfolio occupancy upwards of 70%.

As part of the deal, Welltower formed an exclusive long-term partnership with Barchester, the REIT said in its earnings statement.

The Barchester deal was hinted at in a Sky News report days before the announcement on Monday; the REIT has been looking into investing in Barchester since the company put the portfolio on the market in July 2018 for £2.5 billion, but Welltower pulled out of a potential deal in the midst of the COVID-19 pandemic, The Times reported in 2020.

Ventas Inc. (NYSE: VTR), Australian investment bank Macquarie and property investment firm Columbia Pacific Advisors were also interested in the portfolio at the time, according to the Times.

Continuing its acquisition of U.K. properties, Welltower also announced its acquisition of 100% equity ownership in HC-One for £1.2 billion, or $1.6 billion in U.S. dollars.

Overall, Welltower announced $23 billion in new deals either closed or under contract to close during Q3, mostly in the senior housing space.

Prior to the news being announced, Welltower shares closed Monday at $182.77, a $4.83 increase, or 2.71% rise, according to Yahoo Finance.