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MISSISSAUGA, ON, December 7, 2022 /CNV/ – 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 (“BC Properties” ), for AgeCare Health Services Inc. (“AgeCare”) and a fund managed by Akium Infrastructure Inc. (“Akium”).
The value of this transaction is 112 million dollars. The buyer assumed a property debt of approx 26 million dollarswith the balance paid in cash, approx 16 million dollars of which was used to pay off the remaining mortgage debt on BC Properties. Chartwell intends to use the net proceeds to repay debt and for general corporate purposes.
“Thank you to our experienced and dedicated teams at Carlton and Malaspina Care Residences for their continued commitment to providing quality care to our residents at these residences.” said Vlad Volodarsky, Chief Executive Officer of Chartwell. “We are pleased to have completed this first phase of repositioning our strategic portfolio towards high growth, primarily private retirement operations.” We continue to work with AgeCare and Akium on the successful transition of our Ontario LTC platform, which, subject to required regulatory approvals, is expected to be completed in the first half of 2023.
About Chartwell
Chartwell is an unincorporated, open-end real estate trust that indirectly owns and operates a full spectrum of senior housing communities, from independent, assisted living to assisted living and long-term care. It is the largest operator in the Canadian seniors sector with nearly 200 quality retirement communities in four provinces, including properties under development. Chartwell is committed to its vision of improving people’s lives and providing a happier, healthier and more fulfilling life experience for its residents. For more information, visit www.chartvell.com
About Akium Infrastructure Inc.
Akium Infrastructure (consisting of Akium Infrastructure Inc. and its affiliated entities) is an independent portfolio management firm dedicated to generating long-term investment returns through investment in core infrastructure assets. Akium Infrastructure had approx 10.2 billion Canadian dollars in assets under management on the day September 30, 2022as well as approximately 1.8 billion Canadian dollars in co-investments. The firm benefits from the capabilities of a group of experts with decades of experience in the acquisition, development, financing, operation and management of infrastructure assets. The focus is on assets that are backed by strong market demand and under long-term contracts with creditworthy counterparties. Since 2010, the company has invested in a diversified portfolio of over 255 North American infrastructure assets.
About AgeCare
In 1998, AgeCare set out to transform the continuum of care environment – to enhance the resident experience by providing high quality care and person-centered services. This enduring philosophy of care and service is still their trademark today. AgeCare is committed to creating vibrant senior communities across the provinces in which it operates that celebrate and support aging with dignity, independence and community engagement.
Forward looking information
This press release contains forward-looking information that reflects management’s current expectations, estimates and projections about future results, performance, achievements, prospects or opportunities for Chartwell and the senior housing industry. Forward-looking statements are based on numerous assumptions and are subject to numerous known and unknown risks and uncertainties, many of which are beyond our control, and which could cause actual results to differ materially from those disclosed or implied by such statements. that look to the future. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated or estimated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. These factors are more fully described in the “Business Impacts of COVID-19 and Related Risks” section and the “Risks and Uncertainties and Forward-Looking Information” section of Chartwell’s 2021 MD&A and filings with securities regulatory authorities from values in Canada from time to time, including but not limited to our most recent annual information form.
SOURCE Chartwell Retirement Residences
For further information: Chartwell Retirement Residences, Jonathan Boulakia, Chief Investment Officer and Chief Legal Officer, Tel: (905) 501-9219, [email protected]
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