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Canada  + Alberta & Prairies + Cross Border News + Ontario + Pacific Canada + Quebec  + Senior Housing  | 

Chartwell Ends JV, Exchanges Assets

Chartwell announced Friday that it has exchanged seniors home assets with Welltower in Ontario, Quebec, Alberta and B.C. as the companies wind up their joint-venture.

In a separate transaction also announced Friday, Toronto-based Chartwell will acquire an 85% interest in a Quebec City asset from Boisbriand, Que.-based Batimo for upwards of $100 million. The price will be based on an average appraisal process after the companies obtained assessments that were about $23 million apart.

Chartwell said it and Toledo, Ohio-based Welltower agreed to end the JV, in place since 2012, due to different priorities. The JV covers 40 properties and 8,476 suites.

As part of the deal, Chartwell will convey its interest in 23 assets to Welltower in exchange for Welltower’s interest in 16 assets and $97.2 million. The companies will continue to co-own one property for the time being.

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 will obtain 4,633 units in Ontario, Quebec and B.C.

The deal is expected to close in the fourth quarter of 2023.

In September, Chartwell sold 17 Ontario retirement residences to Age Care Health Services for $443. 2 million.

Photo Credit: Chartwell


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About Monte Stewart

Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate. Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s. In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star. Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.

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