Amica Mature Lifestyles Inc. (TSX:ACC) is getting back into the business of being majority owners of its branded retirement homes.
The Vancouver company announced August 3 it had acquired an additional ownership stake in Amica at West Vancouver and that it planned to boost its ownership stake in Amica at City Centre.
Completing its acquisition of 35.16% of Amica at West Vancouver pushes Amica’s stake in that retirement home to 80.35%. Amica also intends to close a deal in August to buy an additional 34% stake in the Amica at City Centre retirement home in Mississauga – a deal that would push its stake in that home to 68%.
When Amica was founded in 1996, it owned 100% of all of its retirement residences. It then morphed into being a manager and operator of homes in which it had minority stakes. That shift enabled it to grow the number of homes in its portfolio to 27, according to its website.
“Increasing our ownership positions in Amica at West Vancouver and Amica at City Centre represents a significant shift in our business model and strategy moving forward,” said CEO Samir Manji. “We believe that acquisitions resulting from this shift in corporate strategy with enhance the company’s consolidated asset base and the corresponding revenues.”