Singapore Press Holdings to buy Canadian senior housing properties for $175m

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.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.