Carmel-based Mainstreet is detailing its strategy to return to the Canadian market. The real estate developer has acquired a controlling interest in Kingsway Arms Retirement Services as well as a portfolio of 10 senior care housing projects. During an interview last month on Inside INdiana Business Television, Chief Financial Officer Adlai Chester talked about the company’s growth.
Kingsway, a publicly-traded real estate company, will be renamed Mainstreet Health Investments once the deal is approved by shareholders. Mainstreet Chief Executive Officer Zeke Turner will lead the company.
The Carmel company is also acquiring 10 senior care housing properties, which include more than 2,300 beds in and around the Chicago area. Mainstreet says it will acquire an eleventh property early next year. The portfolio is operated by Symphony post-acute network.
Mainstreet was previously in the Canadian public market through its HealthLease Properties REIT. The portfolio grew from $100 million in 2012 to $950 million in 2014 when Health Care REIT Inc., now known as Welltower, acquired it.