April 17, 2020
Centurion Asset Management Inc., the asset manager of Centurion Real Estate Opportunities Trust (“REOT”), is pleased to announce that it has completed the purchase of a 75% interest in a medical portfolio in Barrie, Ontario. This transaction is Centurion’s second medical office acquisition.
Located at the southeast corner of Quarry Ridge Road and Gallie Court, the Royal Court Medical Centre (“RCMC”) comprises three recently constructed medical buildings totaling 112,398 square feet plus 414 parking stalls on over six acres of land.
RCMC is situated 1-kilometre east of Highway 400, adjacent to the Royal Victoria Regional Hospital–the largest health centre in North Simcoe Muskoka, servicing 480,000 residents of Simcoe County and the District of Muskoka. This strategic location will provide RCMC health care professionals the advantage of working in proximity to other professionals or specialists, and benefit from referrals by general practitioners and pharmacies.
The transaction is another joint venture acquisition between Centurion REOT and RISE Commercial Developments, a real estate development company specializing in the development and management of premier medical office spaces in Canada.
“As the healthcare industry experiences transformation brought about by a population that is living longer and requiring more healthcare needs and facilities, we anticipate a surge in demand for medical services. This growth makes medical office buildings an attractive investment,” says Centurion President and CEO Greg Romundt. “We share this positive outlook on the health care space with RISE and look forward to expanding our partnership with them as we increase our exposure in this growing sector and ultimately add value to our clients."
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