OMERS hires bank to sell healthcare assets

10 September 2019 - 12:00 am UTC

OMERS Infrastructure recently hired CIBC to sell some of its Canadian healthcare assets, said three sources familiar with the situation.

 

The Canadian pension fund manager is selling its equity interests in Niagara Health System-St. Catharine’s Hospital, William Osler Health Centre and its portfolio of long term care homes.

 

Teasers have been distributed as the process is in its early stages.

 

These assets were acquired between 2004 and 2009, according to Inframation Deals.

 

The market for operating hospitals hasn’t been particularly active as of late in Canada, but some greenfield projects have reached financial close recently. Such activity includes a Plenary-led consortium closing on CAD 699m (526m) Corner Brook Acute Care Hospital in Newfoundland on 9 August, and EllisDon Infrastructure and Infrastructure Ontario reaching financial close on the CAD 59.7m Orleans Health Hub.

 

OMERS Infrastructure declined comment on the situation. CIBC did not immediately return calls seeking comment.

 

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