.jpg)
1 hour ago
3
Article content
Toronto, ON, June 02, 2026 (GLOBE NEWSWIRE) — Today, Fengate Asset Management (“Fengate”) 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.
THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
SUBSCRIBE TO UNLOCK MORE ARTICLES
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
REGISTER / SIGN IN TO UNLOCK MORE ARTICLES
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account.
- Share your thoughts and join the conversation in the comments.
- Enjoy additional articles per month.
- Get email updates from your favourite authors.
THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account
- Share your thoughts and join the conversation in the comments
- Enjoy additional articles per month
- Get email updates from your favourite authors
Sign In or Create an Account
or
Article content
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”).
Article content
Article content
Article content
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 development opportunities in Ontario, creating a pathway for continued growth.
Article content
By signing up you consent to receive the above newsletter from Postmedia Network Inc.
Article content
“We are pleased to welcome Chartwell as a strategic partner in our seniors housing platform. This milestone reflects the strength, scale and quality of the platform LiUNA has built alongside Fengate as a trusted partner,” said Jaime McKenna, President, Fengate Real Estate. “Fengate and LiUNA are committed to providing quality housing for Canada’s growing seniors population, and by partnering with an experienced operator like Chartwell, we are well positioned to grow the platform and enhance our residents’ living experiences through dedicated service, care, and operational excellence.”
Article content
Article content
The portfolio is strategically located in key Canadian markets with strong demographic fundamentals and currently maintains occupancy of approximately 85%, reflecting the resilience and demand for seniors housing.
Article content
“This strategic investment marks an important step in Chartwell’s strategy to expand its platform with high-quality assets and create new opportunities for growth and future development,” said Vlad Volodarski, Chief Executive Officer, Chartwell Retirement Residences. “Our partnership with Fengate creates an opportunity to align with a partner that shares our commitment to the long-term stewardship of retirement communities and to enhancing the resident experience for seniors and their families.”
Article content
The transition of the properties is expected to begin in July and continue through year-end, with no disruption for residents or on-site teams. Fengate and Chartwell remain committed to executing a seamless transition across the portfolio while maintaining the consistent standard of care and service residents and their families expect.
English (US)