Chartwell has sold 17 Ontario retirement residences to Age Care Health Services and a fund managed by Axium Infrastructure for $443.2 million

Mississauga, Ont.-based Chartwell said the deal includes 16 existing long-term care homes with 2,418 beds and another 24-bed facility to be built in the first half of 2024.

The 16 existing properties sold for $378.7 million while the one under construction cost $64.5 million. The properties are located primarily in the Greater Toronto Area.

Age Care also purchased Chartwell’s Ontario long-term-care management platform, which serves 23 owned and managed residences with 3,384 beds.

Chartwell, an unincorporated and open-ended real estate trust, ranks as Canada’s largest seniors-home operator, serving 2,500 residents in four provinces.

Axium Infrastructure is a Montreal-based multinational portfolio manager with other offices in Toronto, Vancouver, New York and London. Calgary-based Age Care currently operates 31 continuing-care facilities in Alberta and B.C.

Photo Credit: Chartwell