- What Chartwell Retirement Residences and Welltower have wrapped up their JV
- Why The two companies’ “strategic priorities [have] evolved”
- What next Chartwell is taking 16 of their jointly owned assets and Welltower is taking 23
Chartwell Retirement Residences and Welltower have closed on a transaction that brings their 13-year joint venture to an end.
Chartwell conveyed its interest in 23 of the JV’s co-owned seniors’ residences, comprising 4,633 suites, to Welltower in exchange for Welltower’s interest in 16 of the residences, totaling 3,11 suites, plus a cash payment.
When the wind down of the JV was first announced in 2023, the cash payment was to be $97.2m. That amount has now been adjusted for current mortgage balances and working capital items, Chartwell told Green Street News. The final dollar amount was not disclosed.
The decision to divide the assets came as each company’s “strategic priorities evolved,” Chartwell CEO Vlad Volodarski said at the time of the announcement.
The vast majority of the properties are in Ontario and Quebec, with three in western Canada — two in British Columbia and one in Alberta. Chartwell will take on ownership of the JV’s largest asset: the 616-unit Manoir et Cours de L’Atrium in Québec, Qué.
Chartwell, Canada’s largest provider of seniors’ housing, has made several acquisitions in recent months. In November, it acquired a 50% ownership interest in five new senior-housing properties in Québec for $214m.
In January, Chartwell purchased a Montréal retirement residence complex from Timbercreek Capital for $136m.
