Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials HomeNewsAfter nabbing 1,187 senior-home suites, Prima eyes its next moveThe deal with Chartwell adds 689 units in OntarioAuthor of the article:Last updated 1 hour ago You can save this article by registering for free here. Or sign-in if you have an account.Prima Living is evaluating additional acquisitions and strategic partnerships, with more announcements expected “very soon." Photo by Getty Images/iStock PhotoCanadian senior housing operator Prima Living plans to keep expanding through acquisitions and is open to tapping public markets after buying nine retirement communities from Chartwell Retirement Residences for $118 million.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountorThe deal adds 689 units in Ontario, bringing the Vancouver-based senior housing operator’s portfolio to 1,187 suites just over a year after its first acquisition in the province, underscoring the rapid pace of consolidation in Canada’s senior housing sector.Prima Living is evaluating additional acquisitions and strategic partnerships, with more announcements expected “very soon,” President Najib Raie said.Breaking business news, incisive views, must-reads and market signals. Weekdays by 9 a.m.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Posthaste will soon be in your inbox.We encountered an issue signing you up. Please try againParent company Primacorp Ventures Inc., which created Prima Living last year, has funded the expansion so far, but the division is considering broader capital sources as it continues growing.“We are open to bringing in new investment partners from all areas of the market,” Raie said. “Our team is always exploring what a responsible growth path would be, including through public markets, and we’re keeping all options open.”The transaction comes as Canada’s senior housing industry grapples with surging demand from an aging population while new construction remains constrained. Many existing retirement communities also require significant reinvestment, creating opportunities for well-capitalized buyers.“Demand is rising, new supply remains limited and a significant share of existing inventory requires renewal or reinvestment,” Raie said, with those dynamics likely to keep deal activity elevated.Prima Living said occupancy at the three communities it bought in Ontario increased to 95 per cent from 45 per cent after it invested in programming, facility upgrades and day-to-day operations, such as by integrating pharmacy and medical services into communities.The transaction fits into a broader reshaping of the sector. Chartwell, an Ontario-based provider with a $7.3 billion market capitalization, has been recycling capital by selling non-core properties while acquiring larger, higher-quality retirement assets. This includes a 30 per cent stake in the 2,943-suite Seasons Retirement Communities portfolio, a deal that closed in June.Chartwell fully or partially owned more than 26,000 suites as of March 31. Join the Conversation This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.