Chartwell Retirement Residences selling 16 Ontario long-term care homes
Under the deal, the buyers will acquire 16 long-term care homes with 2,418 beds. AgeCare will assume management of the homes as well as an additional six homes with 866 beds managed by Chartwell, including two homes with 258 beds which Chartwell will continue to own.The agreement also includes a 224-bed home in Ajax, Ont., that is under development.
The company says the transactions are subject to various government approvals, which are expected to take up to 12 months.
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