HCN, Revera JV to Acquire Regal Lifestyle Communities
Health Care REIT (HCN) and Revera will acquire Toronto’s Regal Lifestyle Communities in a JV deal worth $766M. HCN CEO Tom DeRosa said the acquisition of Regal—a publicly traded company that owns and operates 23 senior housing communities, including 13 in Ontario, like Brampton’s Greenway Retirement Village, above—is a “rare opportunity” to add a large, high-quality private pay portfolio concentrated in Canada's largest markets where there’s “strong underlying demand.” He added HCN plans to pursue further investment opportunities here through its Toronto ground team.
HCN and Revera formed a JV in 2013, when Toledo, OH-based HCN acquired 47 senior housing communities from Revera (HQ’d in Mississauga) for $1.34B. With the Regal deal, the JV will have 94 communities and $2.8B in gross investments. Revera CEO Thomas Wellner, seen here with former mayor Hazel McCallion, noted his firm is entering an “exciting period of expansion,” with Canada’s senior population projected to more than double in the next 20 years, creating demand for new and improved supply in a "highly fragmented" senior housing market.
