Health Care REIT, Inc. and Revera Inc. Create US$1.35 Billion Joint Venture for 47 Retirement Residences Across Canada
|Areas||Commercial Real Estate, Competition, Antitrust and Foreign Investment, Corporate and Commercial, Health Care Law, REITs and Income Securities, Tax|
Goodmans represented HCN – Revera Joint Venture Limited Partnership and the other joint venture entities in connection with Revera Inc. and Health Care REIT, Inc.’s completion of a transaction on May 28, 2013 resulting in shared ownership of 47 Canadian retirement residences previously owned by Revera. As a result of the transaction, Health Care REIT now owns a 75 per cent interest in the approximately US$1.35 billion portfolio and Revera owns the remaining 25 per cent interest. Revera continues to manage these residences, earning fees through an incentive-based management contract. Health Care REIT is Revera’s strategic partner for retirement living properties in Canada and each company has rights of first opportunity on acquisitions and new developments within defined geographic areas. The 47 retirement residences comprising the portfolio have approximately 5,000 suites and are located primarily in major Canadian markets in Ontario, British Columbia, Saskatchewan, Alberta and Manitoba.
Headquartered in Toledo, Ohio, Health Care REIT is a real estate investment trust that invests across the full spectrum of seniors housing and health care real estate. The company also provides an extensive array of property management and development services. As of March 31, 2013, the company’s broadly diversified portfolio consisted of 1,133 properties in 46 states, the United Kingdom, and Canada.
Headquartered in Mississauga, Ontario, Revera is a leading provider of seniors’ accommodation, care and services. Revera is owned by the Public Sector Pension Investment Board, one of Canada’s largest pension investment managers. Revera currently has 248 locations across Canada and the U.S. with 30,000 employees and 50 years of service and experience. Revera focuses on four areas of business: home health, retirement living, long term care and U.S. nursing and rehab.