TORONTO, Feb. 14, 2018 /CNW/ - Hillcore Group ("Hillcore") is pleased to announce that at the end of 2017 it closed the acquisition of a portfolio of seniors living and residential properties located in New Brunswick from Atlantic Retirement Living Group (the "ARL Portfolio") for $70 million. The ARL portfolio consists of 3 retirement homes and 3 residential properties in Dieppe and Moncton, New Brunswick. The three retirement homes (Residence Auberge du Soleil, Residence Oasis, and Moncton Residence) have 436 units which are a combination of Independent Living and Assisted Living (Level 2 and Level 3b). The retirement homes employ 250 people. The lands at Residence Oasis and Moncton Residence have additional development potential. The three residential properties are adjacent to Residence Oasis and represent a significant land consolidation.
The portfolio was acquired from local private owner/operators who have reinvested a portion of the sales proceeds back into the new venture as minority partners. The prior owners are also continuing as part of the management team.
John Weiler, Chief Operating Officer of Hillcore Real Estate, commented: "We are very pleased with this acquisition to bolster Hillcore's seniors living portfolio. These are institutional quality properties of recent vintage with a fantastic reputation for delivering the highest quality retirement living in the Moncton area. Our intention is to continue to deliver the highest levels of service to our tenants. We also intend to expand our portfolio by acquiring and developing similar quality seniors living properties in Atlantic Canada."
About the Hillcore Group
The Hillcore Group is a leading independent Canadian investment and advisory firm. We invest predominantly in the life sciences, real estate, seniors living, financial, industrial and energy sectors. We have offices in Toronto, Vancouver, and Montreal. Through our various groups and portfolio companies we employ approximately 2,500 people throughout Canada.
Entities under our management have an asset value in excess of $4.5 billion. Since 2005, we have completed acquisitions, directly or indirectly through our investment funds, with an aggregate asset value in excess of $8.5 billion.
Please visit www.HillcoreGroup.com for more information
SOURCE Hillcore Group
For further information: John Weiler, Hillcore Real Estate Investments Ltd., 416-214-3332, JWeiler@HREIL.com; Gene Gomes, Hillcore Financial Ltd., 416-214-3330, GGomes@HillcoreGroup.com