Modern Land (China) Co. Ltd. established a green elderly healthcare industry-focused subordinating real estate investment trust, while its Modern Land (HKNo. 7) Co. Ltd. subsidiary agreed to buy land parcels in Richmond, Canada, for C$220.0 million.
The Hong Kong-listed property developer is planning to capitalize on demand for elderly care parks, medical healthcare, elderly-oriented business and asset management for pension funds, among other things, through the created REIT.
According to a filing, the trust is the extension of the Chinese company's concept of a full life cycle industrialized community. It owns the Contemporary Yunjing Project in Beijing, the Pearland Project in Houston, Texas; and the Redmond Project in Seattle, and is set to acquire the Old-Age Commercial Complex in Canada.
Separately, Modern Land (HKNo. 7) is purchasing the properties at 4751 McClelland Road and 9251 Alderbridge Way in the Canadian province of British Columbia from Modern Commercial Holdings (Canada) Ltd. and Kunyuan International Group Ltd. under a deal that is expected to close Dec. 13.
The acquisition will be carried out through the transfer of Modern Kunyuan Commercial Holdings (Canada) Ltd., which indirectly holds the assets via First Richmond North Shopping Centres Ltd.
The targeted land plots have an estimated site area of 624,430 square feet and a maximum gross floor area of up to 940,500 square feet. It houses an elderly commercial complex with a leasable area of approximately 370,884 square feet.