Axium Infrastructure acquires a 75% interest in 32 long term care home portfolio from Revera
On April 30, 2018, Axium Infrastructure ("Axium") announced its acquisition of a 75% interest in 32 long term care homes in Ontario, Alberta, Manitoba and British Columbia from Revera Inc. ("Revera") for an undisclosed amount. The transaction was effected in two separate tranches, with the first closing on December 21, 2017 and the second on April 27, 2018, and required approvals from, among others, health ministries and local health authorities in each province in which the homes were located, existing mortgage lenders, the Competition Bureau and Canada Mortgage and Housing Corporation.
As part of the transaction, Axium and Revera formed a new joint venture, pursuant to which Revera will retain a 25% interest, and will continue to operate the homes.
Axium is an independent portfolio management firm dedicated to generating long-term investment returns through investing in core infrastructure assets. 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 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 , offering seniors' apartments, independent living, assisted living, memory care and long term care.
Further information can be found on Axium's website.