Companies to share ownership of 47 Revera retirement residences across Canada; Revera to maintain management
TORONTO, May 8, 2013 /CNW/ - Revera Inc., a leading provider of seniors' accommodation, care and services, will partner with Health Care REIT, one of North America's largest senior living and health care real estate investment trusts, in a joint venture to share ownership of 47 Revera retirement residences in Canada. Under the terms of the agreement, Health Care REIT will be Revera's strategic partner for retirement living properties and each will have rights of first opportunity on acquisitions and new developments, within defined geographic areas in Canada. Following the closing of the transaction, Revera will continue to manage these residences and will earn fees through a management contract.
"Revera has a fifty-year heritage of providing care and services to seniors to help them live life to the fullest," said Jeff Lozon, President and CEO of Revera. "Health Care REIT has a $21 billion portfolio and is firmly committed to growth in seniors living. As our strategic capital partner, we will jointly look at opportunities to expand Revera's position as a pre-eminent leader in the seniors housing sector."
The 47 retirement residences included in the agreement have approximately 5,000 suites and are located primarily in major Canadian markets in Ontario, British Columbia, Saskatchewan, Alberta and Manitoba. When the transaction is completed, Health Care REIT will own a 75 per cent interest in the approximately $1.35 billion portfolio and Revera will own the remaining 25 per cent interest. This agreement has no impact on residents or staff, as Revera will continue to manage the communities with no changes to staffing, branding or the quality services residents enjoy.
"We're excited to partner with Revera, a premier seniors housing operator with scale, a strong platform and deep experience in the Canadian marketplace," said George L. Chapman, Chairman and Chief Executive Officer of Health Care REIT. "This investment solidifies Health Care REIT as a leading capital provider to the private pay seniors housing industry across Canada."
Revera was advised on this transaction by Brookfield Financial. All currency references are in US dollars and are based upon an exchange rate of CAD to USD of 1:1. The joint venture is subject to regulatory approvals and is expected to close in the second quarter.
About Revera Inc.
Revera is a leading provider of seniors' accommodation, care and services; built on a 50-year history of helping seniors live life to the fullest. Our nearly 30,000 dedicated employees continually strive to serve a diverse group of clients and to offer choices to meet their individual preferences. With more than 240 sites across Canada and parts of the U.S., we work to enhance lives in our retirement communities, long term care homes, U.S. nursing and rehab centres and through the provision of home health services. Canadian-owned and operated, Revera serves approximately 30,000 clients every day, with the core values of respect, integrity, compassion and excellence at the heart of our business. Find out more about Revera at www.reveraliving.com or find us on Facebook and Twitter.
About Health Care REIT, Inc.
Health Care REIT, Inc., an S&P 500 company with headquarters in Toledo, Ohio, 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.
SOURCE: Revera Inc.
For further information: