Mainstreet Completes Acquisition of Kingsway Arms

by Jeff Shaw

CARMEL, Ind. — Mainstreet, a skilled nursing developer based in Indiana, has completed its acquisition of Canadian real estate company Kingsway Arms Retirement Residences and renamed the company Mainstreet Health Investments.

The deal was announced in November 2015 and completed earlier this week. The new company will be a subsidiary of Mainstreet and trade on the Canadian stock markets as TSXV: HLP.

The transaction, which was approved by Kingsway shareholders, results in the Mainstreet owning a portfolio of 10 seniors housing properties in and around Chicago. The transaction also marks Mainstreet’s return to the Canadian public markets and is part of a long-term strategic plan to assemble a portfolio of senior living properties. 

The board of directors of the new company consists of Paul Ezekiel Turner, Dan Amadori, Brad Benbow, Shaun Hawkins, Rick Turner, Rob Dickson and Katherine Vyse. The senior officers of the company are are Adlai Chester, chief executive officer; Scott White, president; and Scott Higgs, chief financial officer.

Mainstreet Health Investments will focus on the acquisition of seniors housing properties throughout the United States and Canada. Specifically, the company will look to acquire properties which offer predominately skilled nursing, assisted living, memory care and short-stay transitional care.

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