Business
Chartwell Completes Sale of Two Long Term Care Homes in British Columbia
Chartwell Completes Sale of Two Long Term Care Homes in British Columbia Canada NewsWir...
About this update from Chartwell Retirement Residences
[{"type":"text","content":"\n \n \n \n Chartwell Completes Sale of Two Long Term Care Homes in British Columbia\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n MISSISSAUGA, ON\n \n \n ,\n \n \n Dec. 7, 2022\n \n \n /CNW/ - Chartwell Retirement Residences (\"Chartwell\") (TSX: CSH.UN) announced today that it has completed the previously announced ownership transition of Malaspina Care Residence and Carlton Care Residence, with a total of 264 long-term care beds (the \"BC Properties\"), to AgeCare Health Services Inc. (\"AgeCare\") and a fund managed by Axium Infrastructure Inc. (\"Axium\").\n \n \n The value of this transaction is\n \n $112 million\n \n . The purchaser assumed property specific debt of approximately\n \n $26 million\n \n , with the balance paid in cash, approximately\n \n $16 million\n \n of which was used to repay the remaining mortgage debt on the BC Properties. Chartwell intends to use the net proceeds to pay down debt and for general corporate purposes.\n \n \n \"Thank you to our experienced and dedicated teams at Carlton and Malaspina Care Residences for their ongoing commitment to delivering quality care to our residents at these residences.\" said\n \n Vlad Volodarski\n \n , Chartwell's Chief Executive Officer. \"We are pleased to complete this first phase of our strategic portfolio repositioning towards high growth, primarily private pay retirement operations. We continue to work with AgeCare and Axium to successfully transition our Ontario LTC platform, which, subject to the required regulatory approvals, is expected to be completed in the first half of 2023.\"\n \n \n \n \n About Chartwell\n \n \n \n \n \n Chartwell is an unincorporated, open-ended real estate trust which indirectly owns and operates a complete range of seniors housing communities, from independent supportive living through assisted living to long term care. It is the largest operator in the Canadian seniors living sector with nearly 200 quality retirement communities in four provinces including properties under development. Chartwell is committed to its vis...