TORONTO – Regal Lifestyle Communities Inc. (TSX:RLC) is acquiring seven multi-unit retirement communities in Quebec from ELAD Genesis Limited Partnership for about $160 million. The deal for the properties, five in the Montreal area and two in Riviere-du-Loop, is expected to close on or about June 6.
Regal said it plans to retain the current property manager, the Societe de Gestion Cogir S.E.N.C., and plans some $9.4 million in capital improvements and renovations to the properties.
In addition to the two Riviere-du-Loop, the others are in Longueuil, Brossard, Marieville, Saint-Lambert and Vaudreuil-Dorion.
“This acquisition provides Regal with a meaningful presence in Quebec, which is one of the strongest and most active markets for seniors housing in Canada,” president and CEO Simon Nyilassy said Tuesday in announcing the deal.
“We are pleased to have obtained a large portfolio of well-leased and maintained homes focused in the Montreal area, the economic heartland of Quebec, at an attractive price that will result in immediate AFFO per share accretion for our shareholders,” he added.