14 Nov 2019
OMERS Infrastructure has signed an agreement to sell a portfolio of Ontario-based hospitals and long-term care facilities to Plenary.
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 invest in 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. “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.
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About OMERS Infrastructure
OMERS 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.
The OMERS diversified portfolio of large-scale infrastructure assets exhibits stability and strong cash flows, in sectors including energy, transportation and government-regulated services. OMERS has employees in Toronto and other major cities across North America, the U.K., Europe, Asia, and Australia. OMERS is one of Canada’s largest defined benefit pension funds with net assets of C$97 billion. Visit www.omersinfrastructure.com for more information.