Montreal-based Maestro Retirement Residences Fund III was formed on May 14, 2004, as a $125 million investment fund that specializes in the private senior citizens residences sector. The fund’s objectives are to acquire, manage and redevelop senior citizens residences, primarily of the integrated complex and multi-service type. The fund will seek investment opportunities in Ontario, Alberta and British Columbia in addition to the Province of Quebec where the promoter of the fund is already active through similar investment vehicles. Investors in the fund are major institutional investors and pension funds and presently include the pension plan boards of the Mouvement Desjardins, the Montreal Transit Corp., the Montreal police and the Quebec City municipal employees as well as Fiducie Cadim Fonds, a subsidiary of the real estate group of the Caisse de dépôt et placement du Québec, and Canadian promoter Maestro Limited Partnership.
The fund was represented by Ogilvy Renault, with a team led by Françoise Denault (corporate) and Dominique Fortin (securities) in Montreal, Pierre Soulard (corporate/securities) in Toronto and Catherine Elaine Wade (corporate/securities) in Vancouver. Borden Ladner Gervais was Alberta counsel to the fund, with a team comprised of David Whelan and Maria Doerksen (corporate/securities).
Montreal Transit was represented by Viateur Chénard and Valérie Mac-Seing (real estate) of Stikeman Elliott in Montreal. Fiducie Cadim Fonds was represented in-house by Steve Collins.