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Revera and Axium Infrastructure Form a Joint Venture to Acquire and Share Ownership of 32 Long Term Care Homes

Published: 05/27/2018

Team: Jonathan Freeman, David A. Redmond, Ross R. Ramgoolam, Amanda Scolieri

On April 27, 2018, Axium Infrastructure and Revera Inc. announced the completion of a joint venture 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.

Cassels Brock represented the lenders, First National Financial GP Inc., Scotia Mortgage Corporation, CMLS Financial Ltd., VersaBank, People’s Trust Company and The Great-West Life Assurance Company with a team that included Jonathan Freeman, David Redmond and Ross Ramgoolam (Real Estate) and Amanda Scolieri (Financial Services).