Revera Inc. sells interest in certain long-term care homes to Extendicare

Goodmans LLP acted for Revera Inc. with respect to its sale of its 15% ownership interest in 25 long-term care homes in Ontario and Manitoba to Extendicare Inc., which now own them in a joint venture with Axium Infrastructure Inc., Revera’s previous joint venture partner.

Revera and Extendicare entered into an innovative long-term care agreement that will support the future of long-term care in Ontario and Manitoba. The transaction marks the exit of Revera from its long time investment in operating and owning long-term care homes. While Revera is stepping away from day-to-day operations, the company will continue to advocate for, and use its sector-leading, in-house development capabilities to accelerate, the urgently needed redevelopment of aging long-term care homes. Long-term care homes owned by Revera in Alberta and British Columbia were sold in 2022.