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Press release from Business Wire

Amica Mature Lifestyles Announces Listing of Amica at Arbutus Manor with CBRE Limited

Monday, September 09, 2013

Amica Mature Lifestyles Announces Listing of Amica at Arbutus Manor with CBRE Limited

08:30 EDT Monday, September 09, 2013

VANCOUVER, British Columbia (Business Wire) -- (TSX Symbol:ACC) – Amica Mature Lifestyles Inc. (“Amica” or the “Company”) is pleased to announce that the Company has engaged CBRE Limited to act on its behalf and advise on the redevelopment of Amica at Arbutus Manor, located in Vancouver, British Columbia. The Company is undertaking initial efforts towards a structured transaction for the prospective sale, lease-back and redevelopment of Amica at Arbutus Manor, including the Arbutus Manor lands (together referred to as “Arbutus Manor”). Through the marketing of Arbutus Manor, Amica will seek a qualified developer to deliver to Amica 110,000 buildable square feet of density for the construction of a new, state-of-the-art Amica Wellness & Vitality™ retirement residence which would replace the existing building. Density in excess of the 110,000 buildable square feet, as contemplated, will be retained and developed by the purchaser.

“Amica at Arbutus Manor is one of Amica's trophy retirement communities located in a high barrier-to-entry market and has operated at 100% occupancy for over 130 consecutive weeks,” said Samir Manji, Amica's Chairman, President & Chief Executive Officer. “With our internal growth strategy in mind, we believe this redevelopment represents an excellent opportunity to significantly increase the density on this rare site and to crystallize the latent development land value which we believe is greatly in excess of the current capitalized operating community income.”

“We will ensure that throughout this redevelopment project there will be minimal impact on our residents and staff at Amica at Arbutus Manor and our neighbours,” said Colin Halliwell, Amica's Chief Operating Officer. “Our plan would be to leave the existing building intact during the construction of the new building, and to ensure a smooth transition once construction is complete. We are very excited about the opportunity to build of a new generation Amica at Arbutus Manor which would provide our residents with a modernized suite-mix, a full array of services and enhanced amenities and allow more residents to enjoy Amica's lifestyle offering.”

Built in the early 1970's, Amica at Arbutus Manor is a well located and strong performing retirement community situated on 3.93 acres of prime land in the heart of Vancouver's Westside Arbutus neighbourhood. The existing Amica at Arbutus Manor provides 114 rental suites and the Company currently estimates that the prospective redevelopment could see the suite count increase and would include an enhanced complement of Amica's Wellness & Vitality™ amenities including a grand lobby, a dedicated theatre room, an English-style pub, a bistro, a spa and a state-of-the-art Wellness & Vitality Centre™.

"It is rare we see a redevelopment opportunity with the size and exceptional location characteristics of the Arbutus Manor lands on Vancouver's West Side,” said Jim Szabo, Vice Chairman of CBRE Limited. “This opportunity will be highly sought after by Vancouver's development community.”

Amica will provide an update on this initiative including timelines, costs and other milestones as this project progresses.


Amica Mature Lifestyles Inc., a Vancouver based public company, is a leader in the management, marketing, design, development and ownership of luxury seniors residences. There are 24 Amica Wellness & Vitality™ Residences in operation in Ontario, British Columbia and Alberta, Canada. Additionally, Amica has one residence under construction in Oakville, Ontario, one residence in pre-development in Calgary, Alberta and two existing operational residences in Ontario with expansions that are in pre-development. The common shares of Amica are traded on the Toronto Stock Exchange under the symbol “ACC”. For more information, visit .


This news release contains “forward-looking information” within the meaning of applicable securities laws (“forward-looking statements”).

These forward-looking statements are made as of the date of this news release and the Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as otherwise required by law. Users of forward-looking statements are cautioned that actual results may vary from forward-looking statements contained herein. Forward-looking statements include, but are not limited to, statements regarding the prospective sale, lease-back and redevelopment of Arbutus Manor; the Company's ability to seek a qualified developer to deliver 110,000 buildable square feet of density to Amica; the future use and development of the site; the density to be retained and developed by the purchaser; the crystallization of the latent development land value and it being greatly in excess of the current capitalized operating community income; the services and amenities to be provided at the new Amica at Arbutus Manor; the increase in number of suites at the new Amica at Arbutus Manor; CBRE Limited stating that the opportunity will be highly sought after by Vancouver's development community; and other similar statements concerning anticipated future events, conditions or results that are not historical facts. In certain cases, forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. While the Company has based these forward-looking statements on its expectations about future events as at the date that such statements were prepared, the statements are not a guarantee of the Company's future performance and are subject to risks, uncertainties, assumptions and other factors which could cause actual results, performance or achievements to differ materially from future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and assumptions include, amongst others, the effects of general economic and market conditions, actions by government authorities, uncertainties associated with legal proceedings and negotiations and misjudgements in the course of preparing forward-looking statements. In addition, there are known and unknown risk factors which could cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Known risk factors include, among others, risks related to: capital markets; cost overruns, delays and start-up losses for new real estate developments; the availability of capital to finance growth or refinance debt as it comes due; the ability of seniors to pay for Amica's services; Amica's ability to attract seniors with its services and keep pace with changing consumer preferences; risks inherent in the ownership of real property; operational risks inherent in owning and operating residences; dependence on the ability of Amica's co-tenancy participants to meet their obligations; interest rate volatility in the marketplace; regulatory changes; job actions including strikes and labour stoppages; possible liability under environmental laws and regulations relating to removal or remediation of hazardous or toxic substances on properties owned or operated by Amica; the risks associated with global events such as infectious diseases, extreme weather conditions and natural disasters; foreign exchange rate volatility; as well as those factors discussed in Amica's Annual Information Form dated August 9, 2013, filed with the Canadian Securities Administrators and available at . Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements, or the material factors or assumptions used to develop such forward-looking statements, will prove to be accurate. Accordingly, readers should not place undue reliance on forward-looking statements.

For further information, please contact:

Art Ayres

Chief Financial Officer

Amica Mature Lifestyles Inc.

(604) 630-3473


Alyssa Barry

Manager, Investor Communications

Amica Mature Lifestyles Inc.

(604) 639-2171

Amica Mature Lifestyles Inc.
Art Ayres, 604-630-3473
Chief Financial Officer
Alyssa Barry, 604-639-2171
Manager, Investor Communications

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