Vancouver-based Amica Mature Lifestyles Inc. has agreed to buy Belleville, Ontario’s Quinte Gardens retirement home for $70.5 million, the company announced November 23.
In a related move, the company (TSX:ACC) announced it has entered into an agreement with a syndicate of underwriters led by Canaccord Genuity Corp. to purchase, on a bought deal basis, $29.8 million worth of subscription receipts.
Amica operates seven retirement residences in B.C., including two homes on Business in Vancouver’s list of the province’s largest retirement homes: Amica at Rideau Manor and Amica at Somerset House. (See “Biggest retirement homes in B.C.” – issue 1107; January 11-17.)
The company also operates 15 retirement homes in Ontario.
Amica’s CEO Samir Manji said in a release the acquisition provides an opportunity for Amica to strengthen its portfolio of what he called “wellness vitality communities” and expand its brand presence in Ontario.
Glen Korstrom
@GlenKorstrom