Fengate announces financial close on strategic partnership with Chartwell Retirement Residences
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.
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 development opportunities in Ontario, creating a pathway for continued growth.
“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.”
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.
“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.”
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.
About the LiUNA Pension Fund of Central and Eastern Canada
Established in 1972, the LiUNA Pension Fund of Central and Eastern Canada (LPFCEC) is one of the fastest growing multi-employer pension funds across Canada, voted top 10 pension funds by Benefits Canada. With a diverse investment portfolio and over $12 billion in assets, LPFCEC has yielded positive returns for the plan, great work opportunities for LiUNA members, and has created many needed institutions across North America through a broad range of investments. Learn more at lpfcec.org.
About Fengate Asset Management
Fengate is a leading alternative investment manager, with more than $27 billion of assets under management, focused on real estate, infrastructure, and private equity strategies. With offices and team members across Canada and the United States, Fengate has a proven track record of successful projects and partnerships and an established reputation as one of the most active real asset investors and developers in North America. Fengate Real Estate, a division of Fengate Asset Management, is a fully integrated real estate investment, development and asset management platform with $9.4 billion of assets under management, including a 25,000+ residential unit pipeline and 5M+ square feet of industrial space in varying stages of development. Learn more at fengate.com.
About Chartwell Retirement Residences
Chartwell is in the business of serving and caring for Canada's seniors, committed to its vision of Making People's Lives BETTER and to providing a happier, healthier, and more fulfilling life experience for its residents. Chartwell is an unincorporated, open-ended real estate trust which indirectly owns and operates a complete range of seniors housing communities, from independent living through to assisted living and long term care. Chartwell is one of the largest operators in Canada, serving approximately 25,000 residents in four provinces across the country. For more information visit www.chartwell.com.
Matthew Ventura Fengate Asset Management +1 416-432-6194 matthew.ventura@fengate.com
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