Revera transferring ownership of four Manitoba retirement residences

Hey there, time traveller!
This article was published 09/08/2023 (792 days ago), so information in it may no longer be current.

One of the largest operators of for-profit personal care homes in Canada is getting out of that business altogether.

Revera is transferring ownership of all of its four remaining Manitoba retirement homes to a Quebec-based real estate management firm.

“We can confirm, subject to approvals, the management of our retirement residences in Manitoba will transition to Cogir,” a Revera spokesperson stated in an email.

In a statement posted on Revera’s website earlier this month, the company stated it will no longer manage retirement residences in Canada. Revera is transitioning ownership of all of its Canadian retirement homes to three different companies, Cogir among them.

Revera stated it is “shifting its focus to ownership of senior living real estate,” rather than care homes.

The four Manitoba retirement homes being transitioned to new ownership are Portsmouth, Rosewood, The Wellington and the Waverley.

At the beginning of the COVID-19 pandemic, Revera owned and operated 11 long-term care and retirement homes in Winnipeg and one in Brandon. Among its properties were Maples and Parkview Place personal-care homes. Residents of both of those homes experienced disproportionately deadly consequences when COVID spread, and were among the hardest hit.

Last year, Revera entered an agreement for Extendicare to take over management of most of its long-term care homes in Manitoba. The remaining Revera-owned properties being transferred to Cogir are retirement residences, not long-term care.

katie.may@freepress.mb.ca