Tuesday, March 11, 2014
Réseau Sélection and Revera enter into a new partnership agreement combining their retirement home portfolios in Quebec
MONTRÉAL, Ouebec March 11, 2014 /Canada NewsWire Telbec/ - Réseau Sélection and Revera have signed a partnership agreement combining their retirement home portfolios in Quebec, resulting in a portfolio of properties valued in excess of $750M. Under the terms of the transaction, the two companies now jointly own 20 retirement homes across Quebec. The partnership covers the seven Revera residences along with the twelve properties already owned and managed by Réseau Sélection, as well as Le Cambridge, acquired in April 2013, and reflects the preferred partner relationship between the companies in Quebec.
As a result of this transaction and through its 2,000 dedicated employees, Réseau Sélection now assumes the daily management and operation of more than 5,200 units, looking after the well-being of over 6,000 residents across Quebec. This transaction positions the partnership as the third largest developer/operator within Quebec's retirement housing sector.
"Our companies share the same values when it comes to quality and customer oriented service, and we are mutually committed to offering an exclusive line of accommodation, health and wellness services. We are very proud of this partnership not only because it will sustain our growth in Quebec, but also because it confirms our leadership status among retirement residence complexes offering care and health services," explained Réal Bouclin, president of Réseau Sélection.
"As a leader in accommodation, care and service for seniors, we are pleased to partner with Réseau Sélection to further grow in Quebec," said Jeff Lozon, President and CEO, Revera Inc. "Our companies share a commitment to enhancing the lives of the residents we serve."
Réseau Sélection and Revera will continue to look for opportunities to jointly expand their presence in the province through the construction and acquisition of retirement homes to meet the growing need for safe, reputable and quality seniors' accommodation, care and services.
About Réseau Sélection
Réseau Sélection (reseau-selection.com)
With a satisfaction rate of 95%, Réseau Sélection offers retirement homes that stand out for their welcoming, comfortable, stimulating and secure living environments. The company owns more than 5000 rental units in 22 retirement homes across Quebec, and is presently working on the construction of 1,500 additional units.