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: [email protected]
SOURCE Chartwell Retirement Residences (IR)
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