One of Canada’s largest privately-owned real estate firms, Baz Group of Companies, recently expanded its portfolio via two of its subsidiaries, which have acquired over 1,500 more units in the key sectors of retirement living and residential, according to a press release shared on Tuesday.
Spring Living Retirement Community, the subsidiary that owns and operates 15 retirement communities in Ontario and Quebec, recently acquired seven existing retirement residences, which it will now own and operate.
The seven residences are located in Ottawa and Montreal and consist of 1,230 additional retirement units. This represents substantial growth for the company, bringing the total number of retirement communities in their portfolio to 21 and adding a sizable number of employees to their team.
Villa Domaine St-Grégoire, one of Spring Living's Quebec retirement residencesPhoto via Spring Living Retirement Community
“We are pleased to provide 21 retirement communities in urban markets to further serve the Canadian senior population,” said Lois Cormack, CEO, Spring Living Retirement Communities. “With this acquisition, we are delighted to welcome over 500 team members who will continue in their current roles, positively impacting the lives of over 1,000 residents, families and communities served.”
In Quebec, the residences will be operated under the brand of the “well-known and experienced senior living management company” Horizon Retirement Management Inc.
On the acquisition, Cormak said, “Current economic conditions have created challenges in the North American real estate market. However, these same conditions present unique opportunities for strategic growth and investment. Our recent acquisitions and partnerships reflect our commitment to adapting and thriving amidst these challenges.”
In another big move for the company, the subsidiary in charge of the development and construction of residential real estate, Marlin Spring Developments, also recently added a substantial number of new units to its portfolio in the form of a high-rise mixed-use development to be developed in Etobicoke.
The to-be-developed site is located at 5280 Dundas Street West, directly adjacent to Kipling GO Station and southwest of Dundas Street West and Kipling Avenue. When completed, the project would replace a sushi restaurant and provide 400 new units to the Toronto market.
“Marlin Spring Developments is proud to strengthen its presence in Etobicoke. This acquisition is specifically located in the Etobicoke centre, which is very well serviced by public transit and by a myriad of existing amenities and local retail that will continue to grow as the neighbourhood evolves,” said Pedro Lopes, CEO Marlin Spring Developments.
