On August 15, 2022, Chartwell Retirement Residences ("Chartwell") had announced its decision to transition its ownership of two Long Term Care ("LTC") homes in British Columbia, with a total of 264 beds, to AgeCare Health Services Inc. ("AgeCare") and Axium Infrastructure Inc. and its affiliates ("Axium"). The combined value of the transaction, prior to closing costs and usual adjustments, stood at $112 million. After accounting for property-specific debt, taxes, and closing costs, Chartwell expected net proceeds of approximately $56.8 million. Vlad Volodarski, Chartwell's CEO, emphasized the company's history of providing quality care and highlighted the significance of selecting the right partners, AgeCare and Axium, for a smooth transition. Chartwell's history with these partners, especially during the Ontario LTC platform transition, had further solidified this confidence. The buyers were set to assume or repay the property-specific debt, which had an estimated balance of $41.9 million as of December 31, 2022, at an average interest rate of 3.25%. Chartwell anticipated the transaction to close in 2022 and planned to use the net proceeds, estimated at $56.8 million, to clear credit facilities employed for growth and development.