Macquarie Power & Infrastructure Income Fund and Leisureworld Announce Acquisition of Good Samaritan Seniors Complex
- High quality long-term care and retirement homes
- Supports long-term predictability of Leisureworld’s cash flow
TORONTO, Ontario (February 1, 2008) – Macquarie Power & Infrastructure Income Fund
(TSX: MPT.UN; MPT.DB – “MPT” or the “Fund”) today announced that Leisureworld Senior
Care LP (“Leisureworld”), in which MPT owns a 45% interest, has signed an agreement to
acquire the Good Samaritan Seniors Complex (“Good Samaritan”), consisting of a 64-bed
Class A long-term care (“LTC”) home and an attached 24-bed retirement home, located in
Alliston, Ontario for approximately $11.1 million plus transaction costs. The acquisition is
conditional upon regulatory approval from the Ontario Ministry of Health and Long-Term Care
“This transaction demonstrates Leisureworld’s ability to capitalize on small, complementary
acquisitions in the sector,” said Gregory Smith, President and Chief Executive Officer of the
Fund. “The addition of this high quality, well-managed home to the portfolio is consistent with
Leisureworld’s strategy to be the leading provider of quality care for Ontario’s seniors and will
further enhance Leisureworld’s cash flow predictability.”
Good Samaritan is located in the South Central region of Ontario, which is characterized by a
favourable demographic profile. The LTC home was fully occupied at December 31, 2007
while the attached retirement home achieved annual average occupancy of 95.8%. Good
Samaritan has approximately 100 employees.
Leisureworld has established a credit facility in connection with the Good Samaritan
acquisition. In addition, MPT and MIIF have committed to making an aggregate equity
contribution of up to $3 million, in proportion to their ownership interest in Leisureworld, within
the first 12 months following completion of the transaction. Management does not expect the
acquisition to have a significant impact on Leisureworld’s capital structure.
Upon completion of the transaction, Leisureworld will own or manage 27 LTC homes,
representing 4,378 beds, and two retirement homes, representing 53 beds, and one
independent living facility with 53 beds.
About Macquarie Power & Infrastructure Income Fund
Macquarie Power & Infrastructure Income Fund invests in essential infrastructure assets in
North America with an emphasis on power infrastructure. MPT’s strategy is to acquire and
actively manage a high quality portfolio of diverse infrastructure assets to improve their
financial performance and provide growing and sustainable distributions to unitholders.
MPT’s portfolio includes investments in gas cogeneration, wind, hydro and biomass power
generating facilities, representing approximately 350 MW of installed capacity, and a 45%
indirect interest in Leisureworld Senior Care LP, a leading provider of long-term care, or social
infrastructure, in Ontario. MPT is managed by a wholly-owned subsidiary of Macquarie Group
Limited. Please visit www.macquarie.com/mpt for additional information.
Certain statements in this news release may constitute forward-looking statements, which involve known and unknown
risks, uncertainties and other factors that may cause the actual results to be materially different from any future results
expressed or implied by such forward-looking statements. Forward-looking statements use such words as “may”,
“will”, “anticipate”, “believe”, “expect”, “plan” and other similar terminology. These statements reflect current
expectations regarding future events and operating performance and speak only as of the date of this news release.
Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future
performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved.
A number of factors could cause actual results to differ materially from the results discussed in the forward-looking
statements, including, but not limited to: risks associated with the Fund’s gas cogeneration, wind, hydro and biomass
power generating assets and the power industry generally; risks associated with MPT’s interest in Leisureworld and
the long-term care sector; risks associated with the structure of MPT; and risks associated with business, regulatory
and economic conditions. The risks and uncertainties described above are not exhaustive and other events and risk
factors including risk factors disclosed in MPT’s filings with Canadian securities regulatory authorities could cause
actual results to differ materially from the results discussed in the forward-looking statements.
The forward-looking statements contained in this news release are based upon information currently available and
what the Fund currently believes are reasonable assumptions. However, the Fund cannot assure investors that actual
results will be consistent with these forward-looking statements. These forward-looking statements are made as of the
date of this news release, and the Fund and the Manager assume no obligation to update or revise them to reflect new
events or circumstances. The Fund cautions readers not to place undue reliance on any forward-looking statements,
which speak only as of the date made.
For further information, please contact:
Vice President & Chief Financial Officer
Tel: (416) 607 5198
Tel: (416) 649 1325