Centurion Apartment REIT Announces the Acquisition of a Medical Office Portfolio in Ontario and Alberta
Centurion Asset Management Inc., the asset manager of Centurion Apartment REIT, is pleased to announce the acquisition of a 75% interest in a medical portfolio in Ontario and Alberta. Upon completion, this transaction will be Centurion’s third medical office acquisition to date.
The portfolio comprises 9 medical office buildings totaling 359,220 square feet. Seven of the buildings are located throughout Ontario with four in Ottawa and the other three in Belleville, Stratford, and Vaughan. The remaining two buildings are located in Edmonton and Medicine Hat, Alberta.
Each medical office is located within proximity of a local hospital. This strategic location provides healthcare professionals the advantage of working within a network of general practitioners, specialists, and pharmacists to generate patient referrals. The buildings are also surrounded by residential neighbourhoods with access to public transit and highways making them well situated for both doctors and patients.
“The pandemic has demonstrated the importance of high-quality health care and has led the industry into a surge of growth and transformation. With a population that is living longer and requiring more healthcare resources, we anticipate the demand for medical services will continue to increase,” says Centurion President and CEO Greg Romundt. “We are pleased to partner with Appelt Properties on this acquisition. With our combined expertise, this portfolio will be stabilized and increase in value through rental income and recoverable expenses.”
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