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SmartCentres and Mitchell Goldhar Announce Three Retirement Residence Projects With Revera in the Greater Toronto Area; including Vaughan

Smart Centres Revera LogosTORONTO & VAUGHAN, Feb. 07, 2019 (GLOBE NEWSWIRE) — SmartCentres Real Estate Investment Trust (“SmartCentres”) (TSX:SRU.UN), the Penguin Group of Companies (“Penguin”) owned by Mitchell Goldhar, and Revera Inc., a leading Canadian senior living sector company, announced today that the three companies have executed an overall agreement to develop and own new retirement living residences across Canada. In addition, SmartCentres and Revera have executed specific site agreements to proceed with the first three projects in the Greater Toronto Area (“GTA”). The projects will include 536 units, consisting of seniors’ apartments and retirement residences in Vaughan and Oakville. The total investment will be approximately $300 million. It is expected that construction on all three projects will start in Spring 2020, subject to municipal approvals.

Full Article: globenewswire.com


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