Revera Inc. has sold its 15 percent ownership interest in 25 long-term care homes in Ontario and Manitoba to Extendicare Inc., which now owns them in a joint venture with Axium Infrastructure Inc., Revera’s previous joint venture partner.
The deal 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.
Goodmans LLP acted for Revera with a team led by Michelle Roth and that included Jon Northup, Ken Saddington, Ira Barkin, Karen Vadasz, Rachel Kurtzer, Michael Koch, Gail Jaffe, and Ryan Parsons.
Torys LLP acted as legal counsel to Extendicare with a team that includes Simon Knowling, Nooreen Bhanji and Scarlett O’Shea (real estate), Graham Rawlinson (regulatory), Susan Nickerson (pensions and employment), Craig Maurice (tax) and Nina Mansoori (financing).
Stikeman Elliott LLP acted as legal counsel to Axium.
Cassels Brock & Blackwell LLP acted as the legal counsel to the Lead Lender.