Ventas acquired Holiday Retirement (Canadian senior living portfolio), a transaction completed in August 2014, structured as All-cash acquisition financed through a previously closed Canadian-dollar term loan and assumed debt; Atria Senior Living took over management at closing..
Holiday Retirement (Canadian senior living portfolio) operates in Seniors housing (independent living), is based in Canada. Ventas acquired 29 private-pay, apartment-style independent living communities in Canada from Holiday Retirement, spread across seven provinces (concentrated in Ontario and Alberta) at about 90% occupancy. The deal marked Ventas's entry into the Canadian seniors housing market, targeting markets with high concentrations of higher-income seniors. Atria Senior Living assumed management of the communities at closing under a new Atria Retirement Canada operation.
Expand and diversify Ventas's seniors housing portfolio by entering the Canadian market with private-pay independent living assets in affluent markets.
Advisory firms were not disclosed for this transaction.