Trust announces joint venture with Penguin, Revera
One of the fastest-growing sectors in real estate is the focus of a new joint venture between Canada’s largest REIT and two real estate partners.
SmartCentres Real Estate Investment Trust has announced its partnership with Penguin Group of Properties, and Revera Inc., an owner and investor in the senior living sector.
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The venture will develop new retirement living residences across Canada, which they expect to continue fast growth as the population ages and lives longer.
The initial projects will be three SmartCentres properties and one Penguin property, all within the GTA.
For Penguin, the new partnership will diversify its portfolio which is focused on retail including malls and its Penguin Pick-Up locations for online purchase collections.
“While our shopping centres have never been busier, especially with Walmart as our main anchor tenant, our strategy is now expanding to focus our development horsepower on residential, seniors, office and storage initiatives in order to extract deeply embedded value from each of our existing properties across Canada,” said Mitchell Goldhar, Chairman of the Board of SmartCentres and owner of Penguin. This strategy will provide new sources of non-retail income growth.”
SmartCentres and Penguin will act as the developer for sites that they contribute respectively, and Revera will operate the Revera branded retirement living residences upon completion. The retirement living residences will be co-owned 50/50 by each partner in landlord/tenant structures and in operating structures.
