Optima Living forms joint venture partnership with Axium Infrastructure
Initial partnership to invest in three seniors’ residences in Edmonton and area
Optima Living is pleased to announce a new joint venture partnership with Axium Infrastructure, a Canadian investment management firm with extensive experience in healthcare and social infrastructure projects, to acquire seniors’ residences in Alberta and British Columbia.
Axium Infrastructure is an independent portfolio management firm dedicated to generating long-term value through investing in core infrastructure assets. Axium Infrastructure had approximately C$5.1 billion in assets under management as of June 30, 2020, as well as approximately C$1.5 billion in co-investments in Canada and the United States. As a leader in the western Canadian seniors’ residential care field, Optima Living owns and operates Independent Living, Assisted Living, Supportive Living, and Memory Care communities in Alberta and British Columbia.
In addition to today’s announcement to form a joint venture partnership to acquire seniors’ residences in Alberta and British Columbia, the two companies are also announcing the acquisition of 186 beds in the Edmonton area from Chartwell Retirement Residences. The properties included are located in Sherwood Park, Morinville and west Edmonton. Optima will be a co-owner with Axium and take on the position of operator at all sites.
“We are delighted to announce our seniors’ care partnership with Optima Living,” said Alexandre Galarneau-Micone, Vice President & Investment Director of Axium. “Optima Living is a high-quality player in western Canada’s continuing care sector with deep regional roots in Alberta and B.C. This transaction is consistent with Axium’s strategy to invest in core social infrastructure facilities providing essential services to the community in partnership with strong operators providing excellent care services to residents” he said.
“We are excited to establish a joint venture partnership with Axium and look forward to moving forward on the first acquisition,” said Karim Kassam, Co-Founder and Principal of Optima Living. “This transaction represents a milestone event for Optima as we seek to increase our presence in Alberta and B.C. and continue to welcome our residents home. Axium’s long-term view of investing in infrastructure projects that provide value to the community complements Optima’s focus on delivering quality care that translates into positive resident outcomes.”
About Optima Living
For the past 13 years, Optima Living has established a strong reputation as an owner and operator of seniors’ residential communities located in western Canada. These communities range from Independent to Assisted Living, Long term Care to Memory Care Living as well as Residential Mental Health. It currently manages more than 800 beds, and has almost another 300 beds under construction in Alberta and B.C.. Optima believes what sets it apart is the unique culture the company works to create in all its seniors residential communities, as stated in its North Star – Let us welcome you home. For further information, visit www.optimaliving.ca
About Axium Infrastructure:
Axium Infrastructure (comprised of Axium Infrastructure Inc. and its affiliated entities) is an independent portfolio management firm dedicated to generating long-term investment returns through investing in core infrastructure assets. Axium Infrastructure had approximately C$5.1 billion in assets under management as of June 30, 2020, as well as approximately C$1.5 billion in co-investments. The firm benefits from the capabilities of a group of specialists with decades of experience acquiring, developing, financing, operating and managing infrastructure assets. Focus is placed on assets that are supported by robust market demand and under long-term contract with creditworthy counterparties. Since 2010, the firm has invested in a diversified portfolio of over 140 North American infrastructure assets. For further information, including information about other infrastructure assets the firm has invested in, please visit www.axiuminfra.com. This release is for informational purposes only and does not constitute an offer or solicitation to buy securities of any entity.
For further information, please contact:
Axium Infrastructure: Anne-Sophie Roy, Senior Vice President, Investor Relations, 514-954-3781, [email protected]
Optima Living: Leslie Beard 780-952-2033 [email protected]