Fengate recently announced the financial close of its joint venture partnership with Chartwell Retirement Residences (“Chartwell”), one of Canada’s largest and most established seniors housing operators.

Under the partnership, Chartwell has acquired a 30% ownership interest in Fengate’s seniors housing portfolio – comprised of 23 communities totaling 2,943 suites across Ontario, British Columbia, and Alberta – while Fengate retains a 70% interest and continues to act as asset manager on behalf of its investor, the LiUNA Pension Fund of Central and Eastern Canada (“LiUNA”).

Chartwell will assume operational management of the portfolio, bringing its established platform alongside Fengate’s managed institutional capital to drive operational excellence, deliver quality care, and generate long-term value creation across key Canadian markets. Under the agreement, Chartwell may increase its ownership interest by an additional 20% upon achieving certain milestones and may participate alongside Fengate in future

Strategically located in key Canadian markets with strong demographic fundamentals, the portfolio maintains occupancy of approximately 85%, reflecting the resilience and demand for seniors housing.