MONTREAL — The Quebec developer of retirement homes Le Groupe Maurice has announced a partnership with U.S.-based financial trust Ventas, Inc. that it says will enable the firm to pursue its development plan to build new retirement residences in the province.
Ventas is one of the largest real estate investment trusts in the world, with more than 1,200 properties in the United States, Canada and the U.K., and it’s the second largest owner of seniors housing in the United States, said a June 3 release. Le Groupe Maurice operates 36 retirement properties in Quebec.
The release said the deal “will allow Le Groupe Maurice to accelerate its long-term development plan, given the tremendous need for new senior housing complexes across Quebec.”
The transaction values Groupe Maurice’s real estate portfolio at $2.4 billion. The statement said the agreement with Ventas will not lead to any change in the company’s regular operations, and the current management team will remain in place under founder and president Luc Maurice.
National Bank Financial Inc. acted as financial advisor and McCarthy Tetrault served as strategic and legal advisor in the transaction.