Nanaimo's Chartwell Malaspina is set to be included in a $112 million sale to AgeCare Health Services Inc. and Axium Infrastructure. (File Photo/NanaimoNewsNOW)

By NanaimoNewsNOW Staff

changing hands

Nanaimo’s Chartwell Malaspina included in $112 million sale

Aug 25, 2022 | 11:19 AM

NANAIMO — A local long-term care facility is readying for a change in ownership.

Chartwell Malaspina in Chase River is part of a $112 million sale from Chartwell Retirement Residences to AgeCare Health Services Inc. and Axium Infrastructure. Also included in the sale is a similar long-term care facility in Burnaby.

Vlad Volodarski, chief executive officer of Chartwell, said in a statement growth in the company’s retirement facility portfolio and changes to their network in Ontario forced the move.

“It was critical that these properties be sold to a strong and reputable organization which holds similar values to Chartwell to ensure a smooth transition for our residents and employees.”

Volodarski said Chartwell has past experience working with both AgeCare and Axium through holdings in Ontario.

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“They are exactly the right partners to continue the legacy of Chartwell’s long-term care operations.”

The $112 million purchase price does not include transaction costs and other legal and financial adjustments.

Chartwell expects to retain net proceeds of just under $57 million from the sale.

Their Nanaimo care facility contains 136 resident rooms, all but one of which are publicly subsidized by Island Health.

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