Chartwell Retirement Residences announced it has entered into agreements to sell two long-term care facilities in BC to AgeCare Health Services Inc. and Axium Infrastructure Inc. The combined value of this transaction before closing costs and customary adjustments is $112 million, with net proceeds to Chartwell estimated at $56.8 million.

“Chartwell’s experienced and dedicated long term care team at these homes has a long and successful history of delivering quality care to our residents” said Vlad Volodarski, Chartwell’s Chief Executive Officer. “Substantial growth in our retirement portfolio over the years and our recently announced transition of the Ontario LTC platform has led us to the decision to sell these LTC residences in British Columbia. It was critical that these properties be sold to a strong and reputable organization which holds similar values to Chartwell to ensure a smooth transition for our residents and employees. Our experience working with AgeCare and Axium as the transition of our Ontario LTC platform furthers strengthened my confidence that they are exactly the right partners to continue the legacy of Chartwell’s long term care operations at these homes. We are committed to work closely with AgeCare, Axium, and all our stakeholders to ensure a smooth and successful transition.”

Subject to required approvals, Chartwell expects this transaction to close in 2022 and says the net proceeds will be used to repay credit facilities.

Axium Infrastructure is an independent portfolio management firm with approximately $9.4 billion in assets under management, as well as $1.7 billion in co-investments.

AgeCare, founded in 1998 by two physicians, is dedicated to providing seniors housing options based on a “living in place” philosophy. AgeCare currently operates 22 seniors long-term care and supported Living communities in Alberta and British Columbia.

For more info on this traansactions, visit: www.chartwell.com