OMERS Infrastructure Announces Sale of Hospital and Long-Term Care Facility Portfolio to Plenary Group
TORONTO, Nov. 14, 2019 (GLOBE NEWSWIRE) — 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.For Further Information:OMERS:
Manager, External Communications and Media Relations
+1 416.369.2418Plenary Group:
Vice President, Corporate Affairs
+1 604.638.5260About OMERS and OMERS InfrastructureOMERS Infrastructure manages investments globally in infrastructure on behalf of OMERS, the defined benefit pension plan for municipal employees in the Province of Ontario, Canada. Investments are aimed at steady returns to help deliver secure and sustainable pensions to OMERS members.About Plenary Group
Plenary Group is an independent long-term investor, sponsor and operator of public infrastructure. They have become North America’s leading specialized developer of long-term partnership projects, with a project portfolio of more than CAD$18 billion across Canada and the United States, including 34 projects in the health, transportation, defence, justice, education and government accommodation sectors. Plenary actively manages the performance of its projects with an uncompromising focus on lifecycle performance. They adopt a holistic approach to delivering projects by embracing finance, planning, design, construction, complementary commercial development and asset management operations.