OMERS Infrastructure today announced that it has signed an agreement to sell a portfolio of Ontario-based hospitals and long-term care facilities to Plenary Group.
The portfolio, comprising of investments into three hospitals and twelve long-term care facilities (“LTCs”), was constructed by OMERS Infrastructure (then known as “Borealis Infrastructure”) through separate greenfield development processes between 2000 and 2009.
“We would like to thank all of our partners with whom we have worked on this portfolio over many years, and note that today’s news does not mean any change in the day-to-day operations of the hospitals or LTCs,” said Ralph Berg, OMERS Global Head of Infrastructure.
“We are pleased that this portfolio will be acquired by Plenary – an experienced, collaborative, and respected operator of public infrastructure that shares our long-term investment perspective. Looking forward, OMERS Infrastructure will continue to focus on high-quality infrastructure businesses that are a match for our investment strategy, at home here in Ontario and across the many countries where OMERS Infrastructure is active,” said Michael Ryder, Senior Managing Director, Americas, for OMERS Infrastructure.
“Plenary is delighted to add these investments to our current portfolio,” commented Brian Budden, President and CEO of Plenary Group. “We commend OMERS on their stewardship of these assets to date and we look forward to managing them for the long-term, alongside our other complementary investments.”
Financial close of the transaction is expected in Q4 2019 or Q1 2020. Further financial information will not be disclosed.