Sun
TORONTO — Retirement Residences Real Estate Investment Trust has agreed to be taken over by the Public Sector Pension Investment Board in a deal worth $2.8 billion, including debt, the trust announced late Thursday. The Crown corporation manages employer and employee contributions to the federal public service, the Canadian Forces and the Royal Canadian Mounted Police pension funds. Retirement Residences, Canada’s largest provider of accommodation and care for seniors, said the Public Sector Pension Investment Board will make a takeover offer of $8.35 in cash per unit. The deal, including the trust’s existing debt, is valued at $2.8 billion, it said.
© The Vancouver Sun 2006
