Foley successfully represented Revera Inc., a leading provider of seniors’ accommodation, care and services, in its formation of a US $1.35 (CND) billion joint venture with Health Care REIT, one of North America’s largest seniors housing and health care real estate investment trusts. In the deal, officially closed today, Health Care REIT will share ownership of 47 Revera retirement homes in Canada and will own 75% interest in the portfolio. Revera will maintain ownership of the remaining 25% interest and continue to manage the residences and earn payments through a management contract. Also included in the transaction terms is that Health Care REIT will pay Revera US $697 million and take on US $314 million in current mortgage debt.
Foley attorneys Chris Donovan and Mike Okaty successfully represented Revera as lead counsel on the deal.