MISSISSAUGA, ON, Jan. 30,
2025 /PRNewswire/ -- Chartwell Retirement Residences
("Chartwell" or the "Trust") (TSX: CSH.UN) announced today that it
has entered into a definitive agreement to acquire Rosemont Les
Quartiers, a continuum of care retirement residence in the
Rosemont–La Petite-Patrie neighbourhood of Montreal for $136
million. The transaction is structured with $130 million to be paid at closing and a deferred
payment of $6 million to be paid in 3
years. Closing is expected to occur in Q1 2025.
Rosemont Les Quartiers is a phased project comprised of 10, 7,
and 6-storey connected buildings on a 4.26-acre lot located just
east of downtown Montreal.
Completed between 2016 and 2019, it offers 632 rental suites
catering to a range of preferences and care needs.
The residence offers easy access to the underground metro and
major arterial roads. A wide variety of amenities are in proximity
to Rosemont including a grocery
store, retail shops, parks, and health care institutions such as
the Montreal Heart Institute and Hospital Maisonneuve-Rosemont.
"We are pleased to add this large, recently-built residence to
our Quebec platform. The
residence, in a prime location near downtown Montreal, is being acquired well below
replacement cost. We look forward to welcoming the staff and
residents of Rosemont Les Quartiers into the Chartwell family",
commented Jonathan Boulakia,
Chartwell's Chief Investment Officer.
About Chartwell
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
range of seniors housing communities, from independent living
through to assisted living. 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.
Forward-Looking Information
This press release contains forward-looking information that
reflects the current expectations, estimates and projections of
management about the future results, performance, achievements,
prospects or opportunities for Chartwell and the seniors housing
industry. Forward-looking information can be generally identified
by the use of words such as "anticipate", "continue", "estimate",
"expect", "expected", "intend", "may", "will", "project", "plan",
"should", "believe" and similar expressions. Except as
required by law, Chartwell does not intend to update or revise any
forward-looking statements, whether as a result of new information,
future events or for any other reason.
For more information, please contact:
Chartwell Retirement Residences
Jonathan Boulakia, Chief Investment Officer
Tel: (905) 501-6763
Email: investorrelations@chartwell.com
SOURCE Chartwell Retirement Residences (IR)
