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Extendicare agrees to C$34.5M acquisition of Ontario retirement community

Canadian senior care provider Extendicare Inc. signed an agreement to acquire the Lynde Creek Retirement Community in Whitby, Ontario, for C$34.5 million cash, at a capitalization rate of 6.3%.

The community comprises the 93-unit Lynde Creek Manor Retirement Residence, the 113-unit Lynde Creek Life Lease Village, along with a 3.7-acre adjacent land zoned for independent supportive living or assisted living units or senior apartments.

The transaction is expected to close in the second quarter.