A trio of real estate firms have announced a partnership aimed at increasing housing options for Canada’s seniors market.
SmartCentres Real Estate Investment Trust, one of Canada’s largest real estate investment trusts; the Penguin Group of Properties; and Revera Inc., a leading owner, operator and investor in the senior living sector; announced today that they have agreed to enter into a joint venture to develop new retirement living residences across Canada.
“While our shopping centres have never been busier, especially with Walmart as our main anchor tenant, our strategy is now expanding to focus our development horsepower on residential, seniors, office and storage initiatives in order to extract deeply embedded value from each of our existing properties across Canada,” said Mitchell Goldhar, Chairman of the Board of SmartCentres and owner of Penguin.
Three SmartCentres properties and one Penguin property, all situated within the GTA will be the initial focus, with future developments to be announced in the coming months. The partnership intends to develop and open at least five new retirement living residences per year.