Chartwell to Acquire 950 Quebec Seniors Suites for $315.2M
Chartwell Retirement Residences has agreed to acquire three Quebec seniors homes for $315.2 million as part of its ongoing growth program.
The Mississauga, Ont.-based company announced that it has agreed to purchase 950 suites altogether.
The assets include:
- Résidence L’Aubier in Lévis (376 suites for $128.2 million);
- Résidence Panorama in Laval (238 units for $76 million); and,
- Résidence Azalis in Repentigny (334 suites for $111 million).
“We are pleased to continue our strategic growth by acquiring modern, efficient, and highly desirable properties in dynamic urban markets at a significant discount to replacement costs,” said Jonathan Boulakia, the company’s chief investment officer.
Chartwell also closed the $88.5-million acquisition of Les Tours Angrignon, a 449-suite seniors’ community in Montreal, and began development of the 111-suite Kingsview Retirement Residence in Calgary through a $6.5-million mezzanine financing.
Recent financing initiatives include a $250-million equity raise through its at-the-market program and $87 million in new Canada Mortgage and Housing Corporation-insured mortgages. In addition, the company announced that Morningstar DBRS upgraded Chartwell’s trend to positive from stable while confirming its BBB (low) investment-grade rating.
“The successful execution of our ATM program and mortgage financings enables us to support strategic growth of our portfolio while ensuring prudent debt-leverage management within our established targets,” added CFO Jeffrey Brown.
Chartwell operates one of Canada’s largest networks of seniors’ housing communities, serving about 25,000 residents across four provinces.
Pictured: Chartwell’s Les Tours Angrignon seniors complex in Montreal acquired by Chartwell.
Photo: Cogir
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