One of the world’s largest real estate investment trusts (REIT) is the new financial partner of Quebec retirement home firm Le Group Maurice.
Ventas, which has more than 1,200 assets in the US, Canada, and UK, is already the largest owner of seniors housing in the United States; and this transaction adds a significant holding in Canada with the transaction valuing Groupe Maurice's real estate portfolio at C$2.4 billion.
The deal will enable Le Groupe Maurice to boost its long-term development plan to provide more retirement housing in Quebec.
"Throughout this process, our priority was to ensure the continuity of our company while maintaining its distinctive brand attributes, the foundation of our success. For these reasons, I am convinced that Ventas is the ideal partner to help us continue to contribute to the quality in aging of thousands of seniors, better meeting their needs and aspirations," said Luc Maurice, the founder and president of Le Groupe Maurice.
Le Groupe Maurice’s previous finance partner was Ipso Facto investment firm; the agreement came to an end recently after 15 years.
No change to operations
The new arrangement with Ventas will not change the regular operations of Le Group Maurice and its management team will remain.
"We are delighted to announce this partnership with Le Groupe Maurice, a leading operator in Quebec with a strong portfolio and built-in growth potential from existing and new developments in high-quality, attractive urban markets," said Ventas Chairman and Chief Executive Officer, Debra A. Cafaro. "This transaction enhances and diversifies our leading portfolio and underscores our successful strategy of partnering with best-in-class operators and developers."
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