
Chartwell Closes on Asset Exchange with Welltower as JV Ends
Chartwell has closed on its asset exchange with Welltower in conjunction with the retirement-home operators’ termination of their joint-venture investment partnership.
The termination agreement was announced in the spring of 2023. The companies had expected to complete the asset exchange by the end of 2023; no reason was given for the delayed completion.
Toronto-based Chartwell exchanged seniors-home assets with Toledo, Ohio-headquartered Welltower in Ontario, Quebec, Alberta and B.C.
Chartwell said it and Toledo, Ohio-based Welltower agreed to end the JV, in place since 2012, due to different priorities. The JV covered 40 properties and 8,476 suites.
As part of the deal, Chartwell conveyed its interests in 23 co-owned assets to Welltower, with management of those sites and two other managed properties (314 units) transferred to third-party manager Cogir. In exchange, Chartwell received $97.2 million in cash and 16 properties.
The deal gives Chartwell 3,511 suites in Southern Ontario and Quebec, including the greater Toronto and Montreal areas; Calgary and the Vancouver suburb of Surrey, B.C. Welltower obtained 4,633 units in Ontario, Quebec and B.C.
Pictured: Avondale seniors residence in Toronto, which has been transferred to Chartwell from Welltower.
Photo Credit: Chartwell
- ◦Sale/Acquisition