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George Kuhl Resigns as Vice-Chairman and Trustee of Retirement REIT
Will Launch All Seniors Care Living Centers: “Where Caring is Our Number One Concern.”
TORONTO, October 6, 2005 – George Kuhl today announced that he has resigned his position as Vice–Chairman and Trustee of Retirement Residences Real Estate Investment Trust (TSX: RRR.UN) to pursue the formation, together with family members, of All Seniors Care Living Centers (All Seniors Care). The company will assemble, build and manage facilities for seniors in Canada.
Since 1971, Mr. Kuhl has been recognized as a visionary business leader in the expansion and progress of Canada’s industry to house and care for seniors. Mr. Kuhl has assembled, built or purchased over 210 retirement and long-term care facilities.
“I am truly excited to build on my family’s successful track record of developing and managing high quality living centers for seniors. This venture is focused on creating the best eldercare facilities, and providing the best care to seniors, in the country,” said Mr. Kuhl. “In the short term, we will be focusing on facilities in Manitoba, Alberta and Quebec, and in strategic regions of Ontario.”
According to Statistics Canada, seniors constitute one of the fastest growing population segments in Canada. The senior population will grow even faster in the 21st century, particularly when baby-boomers begin turning age 65. Statistics Canada predicts that by 2041, about 23 per cent of the population will be over 65.
All Seniors Care’s strategy is to develop and manage facilities in strategic locations, with an annual asset growth of up to $100 million, to help meet the rapidly growing need for quality care for the elderly. All Seniors Care currently has $26 million invested in operating facilities and has acquired approximately $90 million in real estate which will be developed for seniors' living centers.
Mr. Kuhl has appointed Lily Goodman, former Chief Operating Officer of Retirement REIT, as All Seniors Care’s COO. In addition to Ms. Goodman, All Seniors Care has assembled a highly experienced senior management team which includes Michael Kuhl, President of Development, Joshua Kuhl, Senior Executive Vice President, and Michael Fraser, Chief Financial Officer, former Vice President and Treasurer of Retirement Residences Real Estate Investment Trust.
“Caring is our business. All Seniors Care is dedicated to building and managing facilities that provide for the comfort, safety and well-being of residents and that encourage active, healthy lifestyles for Canada’s seniors,” said Mr. Kuhl. “Our vision is to create a family-oriented environment, not only for our residents, but for our employees as well.”
First National Financial Corporation and Carlisle Capital Structures Corporation will partner with All Seniors Care to provide first mortgage and mezzanine financing to assist in developing this dynamic healthcare portfolio.
Contact Information:
Media
Ian Blair, VP, Hill & Knowlton Canada, (416) 413-4694, ian.blair@hillandknowlton.ca
Internet
www.allseniorscare.com |
