One of the largest operators of seniors’ residences and long-term care homes in Canada is a wholly owned subsidiary of the Public Sector Pension Investment Board (PSP), a federal Crown corporation.
One of the largest operators of seniors’ residences and long-term care homes in Canada is a wholly owned subsidiary of the Public Sector Pension Investment Board (PSP), a federal Crown corporation charged with investing funds for the pension plans of the federal public service, the Canadian Forces, the Royal Canadian Mounted Police and the Reserve Force.
The company, Revera, owns or operates dozens of properties across Canada; it also has major holdings in the United States and the U.K., with a portfolio of seniors’ apartments, assisted living and long-term care homes.
More than 55,000 seniors live in a property owned somewhere in the world by Revera, which also trades under the name Groupe Sélection and Sunrise Senior Living in some parts of Canada.
Many long-term care homes in this country have been ravaged by COVID-19 outbreaks in recent weeks, and hundreds of residents have died.
As of early May, as many as 82 per cent of all COVID-19-related deaths in Canada — 3,436 out of a total of 4,167 deaths — were of residents in long-term care settings, according to the National Institute on Aging.
Ontario announced last week it would launch an independent commission probe of the province’s long-term care system.
A claim of negligence
A $50 million class action lawsuit was launched against Revera earlier this month on behalf of the fa