CHARTWELL RETIREMENT RESIDENCES SELLING ONTARIO LONG-TERM CARE HOMES
Mar 31, 2022
By Bob Komsic
Canada’s largest provider of seniors’ housing has a deal to sell 16 nursing homes in Ontario, as well as its management platform and another home under development to AgeCare Health Services and Axium Infrastructure and its affiliates.
Total value of the deal is $446.5-million, with Chartwell expected to receive about $277-million after property-specific debts, taxes and closing costs.
AgeCare and Axium will acquire 16 homes with 2,418 beds.
AgeCare will also assume management of the homes along with another six facilities with 866 beds operated by Chartwell, including two homes with 258 beds that Chartwell will continue to own.
AgeCare will take over management of a 224-bed long-term care home in Ajax that’s expected to be completed in the summer of 2023.
Chartwell says the transactions require various government approvals that are expected to take up to 12-months.
Chartwell has over 200 locations in Ontario, Quebec, Alberta and B.C.