Central Park Lodges takes its retirement home and related operations public through a new real estate investment trust named Retirement Residences REIT this month. A preliminary prospectus has been filed across Canada. Following closing, the REIT will be Canada’s largest provider of senior accommodation and care, with total assets in excess of $800 million.
The Board of Trustees of the REIT will include international financier Paul Reichmann, whose family controls Central Park Lodges, and former Ontario Premier Bill Davis and recent Ontario Finance Minister Ernie Eves.
The REIT is represented by Stephen Pincus, Neil Sheehy, William Gorman, Justin Beber, Jeff Citron, Joel Monson and Michelle Roth (corporate and securities) and Ira Barkin and Luc Bourque (real estate) of Goodmans LLP. John Ulmer and Neal Armstrong of Davies Ward Phillips & Vineberg LLP are special tax counsel to the REIT. The underwriting syndicate, co-led by CIBC World Markets and HSBC Securities, is represented by Patricia Koval, Christopher Fowles and Paul Guthrie (corporate and securities), Jane Helmstadter (real estate), Lucia ten Kortenaar (tax) and Robert Mansell (environmental) of Torys.