Health Care REIT, Inc. and Revera Inc. Joint Venture Acquire 23 Retirement Residences Across Canada
|Areas||Banking and Finance Law, Commercial Real Estate, Competition, Antitrust and Foreign Investment, Corporate Finance and Securities, Health Care Law, REITs and Income Securities, Tax|
Goodmans represented the HCN-Revera Joint Venture Limited Partnership and the other joint venture entities in connection with the completion by Revera Inc. and Health Care REIT, Inc. of a transaction resulting in shared ownership of an additional 23 Canadian seniors living residences previously owned by Revera. As a result of the transaction, Health Care REIT owns a 75 per cent interest in the approximately US$634 million portfolio and Revera owns the remaining 25 per cent interest. Revera continues to manage these residences, earning fees through an incentive-based management contract. The 23 seniors living residences comprising the portfolio have approximately 2,900 suites and are located primarily in major Canadian markets in Ontario, Alberta and Manitoba. The HCN-Revera joint venture now owns a total of 70 seniors living residences across Canada with an aggregate 7,900 suites.
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. As of March 31, 2015, the company’s broadly diversified portfolio consisted of 1,384 properties in the United States, the United Kingdom, and Canada.
Headquartered in Mississauga, Ontario, Revera oversees the second-largest network of accommodation, care and services for seniors in North America, serving older adults at more than 500 locations in Canada and the United States. Revera is a wholly-owned subsidiary of the Public Sector Pension Investment Board, one of Canada’s largest pension investment managers.