Revera and Axium Infrastructure Form a Joint Venture to Acquire and Share Ownership of 32 Long Term Care Homes
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Goodmans represented Revera Inc. ("Revera") in connection with the completion of a joint venture between Axium Infrastructure (“Axium”) and Revera to acquire and share ownership in 32 long-term care homes across Canada. This joint venture is owned by Revera as to a 25% interest and by an affiliate of Axium as to the remaining 75% interest. The joint venture was formed and the first acquisition by the joint venture of 16 care homes in Manitoba, Alberta and British Columbia was completed on December 21, 2017. The second acquisition by the joint venture was completed on April 27, 2018 and included 16 long-term care homes in Ontario. In each case, the joint venture acquired the homes from Revera and Revera will continue to provide management functions at the homes.
The acquisition transaction required approvals from a number of third parties, including health ministries and various regional health authorities in Ontario, Manitoba, Alberta and British Columbia, existing mortgage lenders, Canada Mortgage and Housing Corporation and the Competition Bureau.
Axium manages dedicated infrastructure funds having approximately C$2.8 billion in assets under management as of December 31, 2017, as well as C$1.2 billion in co-investments.
Revera is a leading owner, operator, manager and investor in the senior living sector. Through its portfolio of partnerships, Revera owns or operates more than 500 properties across Canada, the United States and the United Kingdom, serving more than 55,000 seniors. The company offers seniors’ apartments, independent living, assisted living, memory care, and long term care.