Serene Senior Care, a leading senior housing operator in India, is being purchased by Seattle-based Columbia Pacific, owner of Columbia Asia Hospital Group, one of the largest and fastest-growing healthcare providers in Asia. With this, Columbia Pacific will undergo a significant expansion of its India senior housing portfolio over the next five years.
Columbia Pacific, a family of private asset and investment management companies, also owns and operates hospitals and senior care facilities across Asia, including the Columbia Asia hospital company in India and Southeast Asia.
To begin with, the first two senior housing communities that Columbia Pacific will build are planned in Bangalore. Within five years, Columbia Pacific is planning to more than quintuple the number of the units Serene Senior Care has under management, to 5,000 units.
Serene Senior Care currently operates 735 residential units in four senior housing communities in South India, with a presence in Chennai, Puducherry and Coimbatore. Serene plans to expand to 1,700 units under Columbia Pacific by fall 2017.
The company operates and provides services to India senior care communities in which residents purchase their own retirement villas, apartments or houses. Serene’s services include meals, preventive health care, wellness classes, maintenance and security.
“Serene is already known for its high quality, affordable service to India’s seniors and elegant design of its communities,” said P. Viswanathan, Managing Director of Serene Senior Care. “With the decades of experience and expertise of Columbia Pacific, we are well positioned to provide India’s senior population with communities built to the highest international standards,” he added.
Serene, under Columbia Pacific ownership, has aggressive expansion plans in India, which is projected to be the world’s most populous country by the next decade, with a fast-growing senior population and an emergent middle class. Already the country has an elderly population of 100 million, more than the population of the United Kingdom and Canada combined.