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Monday, 28 October 2013
Chartwell Retirement Residences announced today that it has acquired Cedarbrooke Chateau a 138-suite retirement residence in Mission, British Columbia.
The residence was built in 2009 and is currently 73% occupied. This acquisition expands Chartwell's presence in a growing seniors market and is expected to allow for strong operational synergies with the existing 126-suiteChartwell Retirement Residences announced today that it has acquired Cedarbrooke Chateau a 138-suite retirement residence in Mission, British Columbia. Chartwell Carrington House Retirement Residence.
The purchase price, before closing costs, was $27.0 million and was partially financed by a new five-year, $15.3 million mortgage, bearing interest at 4.35%, with the remaining portion of the purchase price settled using Chartwell's Credit Facility.
"This acquisition is fully in line with our strategy to acquire newer, well-designed and well-located properties in our existing markets," commented Brent Binions, Chartwell's President and CEO. "We welcome the residents and staff of Cedarbrooke Chateau to the Chartwell family."
Chartwell is a real estate investment trust which indirectly owns and operates a complete range of residences from independent supportive living through assisted living to long term care. It is one of the largest participants in the seniors housing business in North America. Chartwell's aim is to capitalize on the strong demographic trends present in its markets to maximize the value of its existing portfolio of retirement residences, and prudently avail itself of opportunities to grow internally and through accretive acquisitions.
Chartwell's Distribution Reinvestment Plan ("DRIP") allows unitholders to have their monthly cash distributions used to purchase units without incurring commission or brokerage fees, and receive bonus units equal to 3% of their monthly cash distributions. More information can be obtained at www.chartwell.com.