Chartwell Acquires a New Residence in Quebec

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[{"type":"text","content":"\n\n\n\nChartwell Acquires a New Residence in Quebec\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nMISSISSAUGA, ON, March 3, 2020\n\n\n\nMISSISSAUGA, ON, March 3, 2020 /CNW/ - Chartwell Retirement Residences (\"Chartwell\") (TSX: CSH.UN) announced today that it completed the acquisition of a 42.5% interest in Chartwell Le St-Gabriel résidence pour retraités (\"Chartwell Le St-Gabriel\") from its development partner, Batimo Inc. (\"Batimo\"). Welltower Inc. (\"Welltower\") (NYSE: WELL), also acquired a 42.5% interest in the property, and Batimo will retain a 15.0% interest. \n\n \n \n \n \n \n \n\n \nChartwell Le St-Gabriel is a 345-suite residence offering 313 independent living and 21 assisted living suites in Saint-Hubert, Quebec.  Developed by Batimo and managed by Chartwell, the residence opened in May 2018 and is currently 97% occupied.\nThe purchase price for Chartwell's 42.5% interest was $37.9 million and was settled by the assumption of the existing mortgage of $23.9 million, at Chartwell's share, settlement of Chartwell's mezzanine loan of $3.6 million, with the balance paid in cash. Chartwell will continue to manage the property under the incentive-based management contract.\n\"We are pleased to grow our partnerships with Welltower and Batimo with this new, high-quality, well-located residence in a strong market. The successful lease-up of this residence is a testament to the outstanding work of Chartwell's and Batimo's teams in designing, developing and operating this property. We are looking forward to many years of delivering exceptional resident experience and quality care at Chartwell Le St-Gabriel,\" commented Vlad Volodarski, Chartwell's Chief Financial Officer and Chief Investment Officer.\nCommitted to delivering exceptional resident experience and operational excellence, Chartwell is home to over 25,000 residents across Canada and employs over 15,000 staff dedicated to Chartwell's vision of Making People's Lives Better.\nABOUT CHARTWELLChartwell is an unincorporated, open-ended real estate trust...

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