Second investment in a month is part of a three-year plan to generate $1.2 billion worth of new assets under management
MONTREAL, Dec. 22 /CNW Telbec/ - A month after acquiring Scarlett Heights seniors' residence in Etobicoke, Ontario, Maestro Real Estate Advisors today announced the purchase of The Royal on Gordon seniors' home in Guelph. This new property was acquired from Spectrum Seniors Housing Development and Brock Road Estates for $16.7 million. It brings the number of Maestro residences to 49 in four Canadian provinces, including 23 in Ontario, for a total of $1.3 billion in assets under management.
A Canadian leader in the seniors' residences market, Maestro intends to increase its investments in new and existing markets over the next three years to reach $2.5 billion in assets under management. "Our available financing equity, the quality of services and care that we provide to our residents, and our organizational infrastructure, are the cornerstone of our growth plan to generate an additional $1.2 billion of new assets under management," said Pierre Ferland, President of Maestro. Acquisitions and new construction could add 20 new seniors' residences in Canada.
The Royal on Gordon residence in Guelph, a major economic hub southwest of Toronto, has 98 studio and one-bedroom apartments. The residential complex offers a full range of services adapted to the senior population. These include a dining room with table service, a coffee shop, hairdresser, multi-purpose room, library with computer and Internet access, as well as a spa and greenhouse. The Royal on Gordon will be operated and managed under the Allegro Residences banner.
To enhance its range of services offered to seniors in the region, Maestro plans to build 14 two-bedroom townhouses to complement the 98 existing units. The new residents will have access to all the common services and spaces of the main building.
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 23 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