Replacing older beds was already in motion prior to the sale of Retirement and will be partially funded by government initiatives.  see below.

"During Q4 2021, we commenced construction on our third LTC redevelopment project, a new 256-bed LTC home in the Ottawa area in Stittsville, Ontario. Together with our Sudbury and Kingston projects, the three homes under construction will replace a total of 624 Class C LTC beds with 704 new beds requiring a net investment of $178.9 million. The homes are being constructed exclusively with single patient rooms to maximize privacy and safety. We continue to advance our redevelopment program to replace our older Class C LTC beds in Ontario. With the proposals submitted pursuant to the October 2021 new call for applications by the Government of Ontario, we have a total of 21 redevelopment projects (3 under construction and 18 pending government approval). The proposed program would build more than 4,600 new LTC beds, which would replace all of our 3,285 existing Class C beds. Subsequent to year end, we were awarded new beds for three additional projects, bringing the total to 10 projects for which 1,952 beds have been awarded (including the three already under construction). We are actively engaged with our industry partners and the government to identify enhancements to the government’s capital development funding program to make all projects economically feasible. We continue to work through the Ontario Ministry of Long-Term Care (MLTC) and municipal approval processes and are targeting to begin construction on six more projects before the end of 2023."