The Gardens in Qualicum Beach being sold
The Gardens at Qualicum Beach is being sold, and residents of the facility shouldn’t notice any change.
Owners Mancal Lifestyles Investments and Spectrum Seniors Housing are selling to BayBridge Seniors Housing and Retirement Concepts.
BayBridge is an investee company of the Ontario Teachers’ Pension Plan Board and Retirement Concepts is a family-owned Vancouver based company with 17 senior facilities across the country.
“I’m very pleased it will be owned by Canadian companies,” said Qualicum Beach Mayor Teunis Westbroek, who attended a residents meeting at the facility last Tuesday.
“I came away with a sense of comfort and confidence,” he said, “it sounds like the residents can expect very little change. Everybody talks about a seamless transfer, but I think this really will be as seamless as transfer as possible.”
“The purchasers will be assuming all contracts with no change,” confirmed Tony Baena, vice-president of operations for Retirement Concepts which will take over operation of the facility from Chartwell Senior Housing REIT.
He said current workers will be offered jobs and they will conduct interviews with management to see, among other things, “to make sure they want to stay with us.”
Baena said they don’t intend to change the rates residents pay, after increases that took effect January 1.
According to its website BayBridge is dedicated to investing in the seniors housing industry across North America, focused on private pay independent living, assisted living and memory care facilities.
The deal is scheduled to take effect Jan. 31, subject to all the final details and approval by regulators such as the Vancouver Island Health Authority.
Westbroek said the company principals who spoke at the meeting were impressed with Qualicum Beach and the fact that it is a financially stable town.
“They love Qualicum Beach. From the Town of Qualicum Beach, we welcome the new owners.”