MISSISSAUGA, ON, Dec. 7, 2022 /CNW/ – Chartwell Retirement Residences (“Chartwell”) (TSX: CSH.UN) introduced at present that it has accomplished the beforehand introduced possession transition of Malaspina Care Residence and Carlton Care Residence, with a complete of 264 long-term care beds (the “BC Properties”), to AgeCare Well being Providers Inc. (“AgeCare”) and a fund managed by Axium Infrastructure Inc. (“Axium”). Â
The worth of this transaction is $112 million. The purchaser assumed property particular debt of roughly $26 million, with the steadiness paid in money, roughly $16 million of which was used to repay the remaining mortgage debt on the BC Properties. Chartwell intends to make use of the online proceeds to pay down debt and for common company functions.
“Thanks to our skilled and devoted groups at Carlton and Malaspina Care Residences for his or her ongoing dedication to delivering high quality care to our residents at these residences.” mentioned Vlad Volodarski, Chartwell’s Chief Government Officer. “We’re happy to finish this primary part of our strategic portfolio repositioning in the direction of excessive development, primarily non-public pay retirement operations. We proceed to work with AgeCare and Axium to efficiently transition our Ontario LTC platform, which, topic to the required regulatory approvals, is anticipated to be accomplished within the first half of 2023.”
About Chartwell
Chartwell is an unincorporated, open-ended actual property belief which not directly owns and operates a whole vary of seniors housing communities, from unbiased supportive residing by means of assisted residing to long run care. It’s the largest operator within the Canadian seniors residing sector with practically 200 high quality retirement communities in 4 provinces together with properties beneath growth. Chartwell is dedicated to its imaginative and prescient of Making Folks’s Lives BETTER and to offering a happier, more healthy and extra fulfilling life expertise for its residents. For extra data, go to www.chartwell.com
About Axium Infrastructure Inc.Â
Axium Infrastructure (comprised of Axium Infrastructure Inc. and its affiliated entities) is an unbiased portfolio administration agency devoted to producing long-term funding returns by means of investing in core infrastructure belongings. Axium Infrastructure had roughly C$10.2 billion in belongings beneath administration as of September 30, 2022, in addition to roughly C$1.8 billion in co-investments. The agency advantages from the capabilities of a gaggle of specialists with a long time of expertise buying, growing, financing, working and managing infrastructure belongings. Focus is positioned on belongings which might be supported by strong market demand and beneath long-term contract with creditworthy counterparties. Since 2010, the agency has invested in a diversified portfolio of over 255 North American infrastructure belongings.
About AgeCareÂ
In 1998, AgeCare got down to rework the persevering with care panorama – to raise the resident expertise by offering high-quality, person-centered care and companies. This enduring philosophy of care and companies continues to be their trademark at present. AgeCare is devoted to creating vibrant seniors’ communities throughout the provinces during which it operates, that remember and assist growing older with dignity, independence, and neighborhood engagement.
Ahead-Wanting Data
This press launch comprises forward-looking data that displays the present expectations, estimates and projections of administration concerning the future outcomes, efficiency, achievements, prospects or alternatives for Chartwell and the seniors housing trade. Ahead-looking statements are based mostly upon various assumptions and are topic to various recognized and unknown dangers and uncertainties, lots of that are past our management, and that might trigger precise outcomes to vary materially from these which might be disclosed in or implied by such forward-looking statements. There might be no assurance that forward-looking data will show to be correct, as precise outcomes and future occasions may differ materially from these anticipated or estimated in such statements. Accordingly, readers shouldn’t place undue reliance on forward-looking data. These components are extra totally described within the “COVID-19 Enterprise Impacts and Associated Dangers” part, and the “Dangers and Uncertainties and Ahead-Wanting Data” part in Chartwell’s 2021 MD&A, and in supplies filed with the securities regulatory authorities in Canada occasionally, together with however not restricted to our most up-to-date Annual Data Type.Â
SOURCE Chartwell Retirement Residences
For additional data: Chartwell Retirement Residences, Jonathan Boulakia, Chief Funding Officer and Chief Authorized Officer, Tel: (905) 501-9219, [email protected]
