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HCN Grows Canada Footprint with Regal Buy

TOLEDO, OH and TORONTO—Health Care REIT will own an interest in more than 20,000 seniors housing units across Canada after the deal for Regal Lifestyle Communities is finalized.

By Paul Bubny | Updated on June 18, 2015

TOLEDO, OH and TORONTO—Health Care REIT is expanding its Canadian presence through an existing 75/25 joint venture with Revera Inc. The JV on Thursday said it had agreed to buy Toronto-based Regal Lifestyle Communities for approximately US$623 million, including the assumption of debt. The 3,600-unit, 23-property portfolio spans five Canadian provinces, with 83% of its NOI derived from facilities in the Toronto, Montreal and Vancouver markets.

“Revera and HCN have recognized the tremendous value that the Regal team has created since the company’s IPO in October, 2012 through our focused efforts in building an exceptional portfolio of retirement homes and our dedication to fulfilling on our Vision and Values,” says Simon Nyilassy, Regal’s president and CEO. “We look forward to working with Revera and HCN to obtain all necessary approvals and ensure a smooth transition for our residents and employees.”

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