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Fengate expands retirement community portfolio with the acquisition of two new properties in British Columbia

Written by Customer Service on . Posted in Mergers And Acquisitions.

Seasons Arbutus Walk

Seasons Arbutus Walk
Seasons Arbutus Walk

Seasons Wesbrook Village

Seasons Wesbrook Village
Seasons Wesbrook Village

TORONTO, Feb. 04, 2025 (GLOBE NEWSWIRE) — Fengate Asset Management (‘Fengate’) is pleased to announce the successful close of two premier seniors housing properties in Vancouver, British Columbia. The acquisition marks Fengate’s and Seasons Retirement Communities’ (‘Seasons’) first venture into the British Columbia market, further growing its portfolio of retirement communities across Canada.

The new properties, Seasons Arbutus Walk and Seasons Wesbrook Village, collectively offer 295 rental suites and 88 managed condominium suites located in two of Vancouver’s most sought-after neighbourhoods, offering residents easy access to parks, local amenities, and cultural attractions.

Fengate and Seasons are managing this investment on behalf of their investors, including the LiUNA Pension Fund of Central and Eastern Canada (‘LPFCEC’).

“We are proud to build on our legacy of empowering Canada’s seniors through market-leading housing that advances Seasons’ mission of affecting positive change in the lives of this vital and growing community,” said Joseph Mancinelli, International Vice President and Regional Manager for Central and Eastern Canada at LiUNA.

“This acquisition is transformational for Fengate and Seasons as we build the foundation for our growth in British Columbia. Fengate and Seasons are well positioned to capitalize on the growing seniors’ demographic in this key strategic growth market and across Canada,” said Jaime McKenna, President Fengate Real Estate.

“Seasons is pleased to continue to work with Fengate to diversify our portfolio of quality retirement communities,” said Michael Lavallée, Chief Executive Officer at Seasons Retirement Communities.

“Our best-in-class management team is committed to collaborating with our communities to provide residents with a continuum of care within a warm, welcoming, and vibrant atmosphere that embodies the Seasons promise.”

Established in 2009 by Fengate, Seasons Retirement Communities is a Canadian company that currently owns and operates 25 retirement communities across Ontario, Alberta, and British Columbia, with more developments underway. Seasons is dedicated to addressing the needs of Canada’s aging population by offering exceptional seniors housing and services.

MEDIA CONTACT

Matthew Ventura
Director, Communications and Marketing, Real Estate
Fengate Asset Management
matthew.ventura@fengate.com
416-432-6194

About the LiUNA Pension Fund of Central and Eastern Canada

Established in 1972, the LiUNA Pension Fund of Central and Eastern Canada (LPFCEC) is one of the fastest growing multi-employer pension funds across Canada, voted top 10 pension funds by Benefits Canada. With a diverse investment portfolio and over $12 billion in assets, LPFCEC has yielded positive returns for the plan, great work opportunities for LiUNA members, and has created many needed institutions across North America through a broad range of investments. Learn more at lpfcec.org.

About Fengate Asset Management

Fengate is a leading alternative investment manager, with more than $40 billion of assets under management, focused on infrastructure, private equity, and real estate strategies. With offices and team members in Canada and the United States, Fengate has a proven track record of successful projects and partnerships and an established reputation as one of the most active real asset investors and developers in North America. Fengate Real Estate, a division of Fengate Asset Management, is a fully integrated real estate investment, development and asset management platform with a $20 billion portfolio, including a 25,000+ residential unit pipeline and 5M+ square feet of industrial space in varying stages of development. Learn more at fengate.com.

About Seasons Retirement Communities

Established in 2009, Seasons is a Canadian company that operates 15 retirement residences in Ontario, eight residences in Alberta, and two in British Columbia, with more under development. Our management team has extensive experience in the senior housing sector and has developed a culture dedicated to providing residents with superior customer service. At Seasons, we want our residents to feel proud to call us home and to know they are surrounded by people who genuinely care. Connect. Care. Change®.

Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/83e9e1fe-ce65-4988-aa79-2d431daa80e1
https://www.globenewswire.com/NewsRoom/AttachmentNg/09619cb9-0b02-456e-aa3e-aaa24488aa2b

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