Canada’s competition watchdog is sharpening its focus on a few large companies looking to acquire multiple retirement homes and assisted-living facilities as the number of elderly Canadians grows rapidly.
The Competition Bureau of Canada said Wednesday in a release that it reached a consent agreement with Welltower, a U.S.-based real estate investment trust (REIT) company, after it sought to acquire more than 30 retirement home properties from Amica Senior Lifestyles, a Canadian-based company.
This is the second such agreement finalized this month by the Competition Bureau where it required that the businesses must sell some of their properties to independent buyers in order to maintain a competitive market.
“As the Canadian population ages, the retirement home industry becomes even more important, with demand expected to accelerate rapidly over the next decade,” said the Competition Bureau.
“Competition in the retirement home sector plays a crucial role in keeping prices in check and pushing providers to maintain high standards of care and modern, well-maintained facilities.”
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The Competition Bureau said the proposed transactions “would likely result in a substantial lessening of competition in accommodation and health care services provided by licensed private pay retirement homes.”
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In order for a deal to be approved by the Competition Bureau, it required that Welltower sell four of its properties located in Victoria and Vancouver, as well as Brampton and Ottawa. The agreement also required that Welltower sell those properties to independent purchasers approved by the Commissioner of Competition.
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Selling the properties to independent buyers rather than another large company resolves these competition concerns, the Competition Bureau explained.
A separate agreement was struck earlier this month with Ontario based-Chartwell, a senior living facility operator and property ownership company.
Chartwell proposed to acquire six retirement homes from Sifton Properties Limited (Sifton), a similar company based in Ontario.
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In that consent agreement, Chartwell agreed to sell a retirement home in Waterloo, Ont., to an independent purchaser approved by the Commissioner of Competition.
The Competition Bureau says that a consent agreement is designed to address competition concerns in a proposed merger deal. It adds that once the agreement is registered with the Competition Tribunal, it effectively has the same force as a court order.
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