First acquisition in a three-year growth plan to generate $1.2 billion
worth of new assets under management
MONTREAL, Nov. 2 /CNW Telbec/ - Maestro Real Estate Advisors ("Maestro") today announced the acquisition of the Scarlett Heights seniors' residence in Etobicoke, Ontario, from Spectrum Seniors Housing Development and The Rockport Group, representing an investment of $58 million. The acquisition brings Maestro's portfolio to 48 seniors' residences, located throughout Canada. Maestro now has $1.3 billion in assets under management.
"The acquisition of Scarlett Heights, led by our Chief Investment Officer Sylvain Charpentier, who joined us in January 2009, is the first among what should be a series of acquisitions and development projects," said Pierre Ferland, President and CEO of Maestro. "Building on our excellent financial situation, we intend to consolidate our leadership position in Canada over the next few years. In a period where the general population is aging and looking for quality senior housing, our strategic growth plan calls for significant investment in high-quality seniors' projects," he added.
With $340 million in equity available to finance its expansion, Maestro expects to invest in the acquisition or construction and development of 30 to 40 seniors' residences over the next three years. "With this amount at our disposal, we are confident of generating as much as $1.2 billion worth of new assets under management across Canada. We will do so either by acquiring existing properties or investing in new development, in both our existing markets and in new ones," Mr. Ferland concluded.
Maestro's new Scarlett Heights property is located in the Humber Valley Village of Etobicoke, Ontario, near St. George's Golf and Country Club. The nine-floor residence offers 206 luxurious one- or two-bedroom suites and a range of amenities such as a spa, a fitness area and a pool. Support and wellness services include healthcare monitoring, professional on-site management, 24-hour security monitoring and concierge services. Scarlett Heights will be operated and managed under the Allegro Residences banner.
Maestro is a real estate advisory firm that raises capital through institutional investors for investment in residences for independent seniors and those who require assisted living. The Maestro investment funds consist of more than 9,200 units in 22 residences in Ontario, 22 in Quebec, and four in Western Canada. The company employs some 2,600 people. Since Maestro's creation in 2001, it has formed five real estate funds raising more than $700 million in equity from 18 institutional investors across Canada.
SOURCE MAESTRO REAL ESTATE ADVISORS
For further information: For further information: Sylvain Charpentier, Chief Investment Officer, Maestro Real Estate Advisors, (514) 871-1268, ext. 4641