Singapore Press Holdings (SPH), through its wholly-owned subsidiary Times Properties Pte Ltd, has entered into an agreement to acquire a portfolio of six senior housing properties in Canada for C$232.9 million ($175.4 million).
The assets, located in Ontario and Saskatchewan, will be disposed of by a consortium of affiliates with US-based investment manager Columbia Pacific Advisors, according to an SPH announcement.
The Singapore-based group, whose operations span from media to properties and aged care, said the consideration will be paid through the assumption of existing mortgage debt and cash.
The portfolio, which includes five independent living properties and one assisted living facility, comprise 717 suites with an average occupancy of more than 90 per cent for the last three years.
The majority of these assets have been in operation for over six years, generating stable and recurring cash flow, SPH said.
The assisted living property, Victoria Park Personal Care Community, is managed by Regina Assisted Group, which holds a licence from the Canadian Health Authority to manage assisted living service. SPH will also acquire Regina Assisted Group as part of the deal.
“The acquisition dovetails with the group’s ongoing strategy of expanding asset management business to acquire cash-yielding assets in multiple defensive sectors,” SPH said, adding that the transaction will also help it expand the geographical reach as well as boost its capabilities within the aged care industry.
“The acquisition demonstrates the group’s intent to build its aged care asset portfolio into a sizeable platform.”
Earlier this week, SPH also announced the purchase of five aged care properties in Japan for 5.26 billion yen ($47.6 million).
The investment will be facilitated by its partnership fund with real estate asset manager Bridge C Capital established in October 2019, in which SPH committed a seed equity of up to $50 million.
In December 2019, SPH also acquired a portfolio of high-quality student accommodation assets in the UK for about $546 million, following an earlier $174.3 million deal purchasing similar British properties in April.