SPH unit scraps purchase of six Canada senior housing assets

They decided to terminate the agreement amidst the pandemic.

Singapore Press Holdings’ (SPH) wholly-owned subsidiary Times Properties has decided not to push through with the acquisition of six senior housing properties in Canada priced at $244.5m, according to a press release.

SPH and vendors consisting of affiliates of Columbia Pacific Advisors decided to terminate the agreement on this as “a matter of prudence”, whilst the global market experienced instabilities due to the COVID-19 pandemic.

According to a previous bourse filing, the portfolio of six freehold assets comprises five properties in Ontario and one in Saskatchewan. The acquisition was originally planned to be funded by a combination of internal funds and debt.

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