Chartwell Signs $446.5 Million Deal To Sell Off 16 Ontario Long-Term Care Homes

Chartwell Retirement Residences entered into agreements to transition, subject to required approvals, its ownership of 16 Ontario long-term care (OLTC) homes with 2,418 beds to AgeCare Health Services Inc. (AgeCare) and Axium Infrastructure Inc. and its affiliates. The combined value of these transactions, before closing costs and customary adjustments, is $446.5 million with net proceeds to Chartwell after property-specific debt, taxes and closing cost estimated at approximately $277.0 million. The transactions are subject to various government approvals which are expected to take up to 12 months.

Chartwell's OLTC management platform, which serves in addition . . .