Age Care Investments Ltd., a private long-term care provider, sold the buildings and lands associated with five senior long-term care facilities in Alberta and a sixth in British Columbia for $142.9 million to Northern Property Real Estate Investment Trust. The deal was completed on April 21, 2006. The properties, which include a total of 960 beds, will be leased back to Age Care pursuant to long-term leases. Age Care will continue to provide all care services to the residents and will operate and maintain the buildings.
In connection with the transaction, Age Care and NP REIT entered into certain agreements with the Calgary Health Region and Fraser Health Authority in order to facilitate the long-term leases. The purchase price was paid by NP REIT through a combination of cash, assumption of long-term debt and the issuance of Northern Property Limited Partnership units.
Age Care was represented by Bennett Jones LLP with a team led by Farouk Adatia that included Dustin Gemmill, David Dorrans, Marty Kay, Q.C., Chris Simard and Jim D'Andrea. Assistance with British Columbia matters was provided by James Radelet and Itti Ma of Radelet and Company.
NP REIT was represented in Alberta by Hendrickson Gower Massing Olivieri LLP with a team led by L. Neil Gower, Q.C., that included Leonard W. Hendrickson and Adam Merrick and in B.C. by Shawn Poisson of Koffman Kalef. Corporate and securities matters for NP REIT were handled by Freddie Pletcher of Borden Ladner Gervais LLP in Vancouver.
The Calgary Health Region was represented by general counsel David Weyant, Q.C., and in-house counsel Shahrooz Nabavi and McCarthy Tétrault LLP with a team comprised of Stephen Livergant, Q.C., and Robert Homersham. The Fraser Health Authority was represented by Max Collett of Bull, Housser & Tupper LLP.