TORONTO — SmartCentres Real Estate Investment Trust and Revera Inc. have announced they have signed specific site agreements to proceed with three new retirement living projects in the Greater Toronto Area.
At the same time, the two firms and the Penguin Group of Companies announced a broader agreement to work together on a national building program of retirement living residences.
The first three projects, valued at $300 million, will include 536 units consisting of seniors apartments and retirement residences in Vaughan and Oakville, said a recent release. It is expected that construction on all three projects will start in spring 2020, subject to municipal approvals.
Under the terms of the overall agreement, SmartCentres or Penguin will act as the developer of sites that are currently owned by one of the three entities. Revera will operate the Revera-branded retirement living residences and the retirement living residences will be co-owned 50/50 by each partner.
“The introduction of retirement living residences on our sites is just one example of the synergistic intensification opportunities available in our portfolio of well-located shopping centres,” said Peter Forde, president and CEO of SmartCentres, in the statement.
“We look forward to this new relationship with Revera, generating at least five new residences per year for the foreseeable future.”
“Our strategy is to extract deeply imbedded value from each of our existing properties across Canada by developing residential, seniors, office and self-storage facilities,” said Mitchell Goldhar, executive chairman of the SmartCentres Board.
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