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CHARTWELL ANNOUNCES ACQUISITION OF TWO RETIREMENT RESIDENCES AND A REMAINING INTEREST IN ONE RETIREMENT RESIDENCE IN QUEBEC CITY
CHARTWELL ANNOUNCES ACQUISITION OF TWO RETIREMENT RESIDENCES AND A REMAINING INTEREST IN ONE RETI...
About this update from Chartwell Retirement Residences
[{"type":"text","content":"\n\n\n\n CHARTWELL ANNOUNCES ACQUISITION OF TWO RETIREMENT RESIDENCES AND A REMAINING INTEREST IN ONE RETIREMENT RESIDENCE IN QUEBEC CITY\n \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.prntac{\nTEXT-ALIGN: CENTER\n}\n \n\n\n\n\n\n Canada NewsWire\n \n\n\n\n\n This news release constitutes a \"designated news release\" for the purposes of Chartwell Retirement Residences' prospectus supplement dated\n \n November 14, 2024\n \n to its short form base shelf prospectus dated\n \n April 30, 2024\n \n .\n \n\n\n\n\n MISSISSAUGA, ON\n \n\n ,\n \n\n April 1, 2025\n \n\n /CNW/ - Chartwell Retirement Residences (\"Chartwell\") (TSX: CSH.UN) announced today that it has acquired the 345 suite (of which 36 are care units)  Résidence Le Florilège  in\n \n Quebec City\n \n (\"Le Florilège\"). Located in the\n \n Beauport\n \n neighbourhood of\n \n Quebec City\n \n and built in 2022, Le Florilège is on a major arterial road directly across from the Beauport Golf Club and near retail shopping and services. Le Florilège is 97% occupied. The purchase price of\n \n $112.9 million\n \n before working capital adjustments and closing costs is being financed with cash and a\n \n $77.6 million\n \n loan maturing in 6 months and carrying an interest rate of Canadian Overnight Repo Rate Average (\"CORRA\") + 1.95%.\n \n\n\n\n\n\n\n\n\n Chartwell also announced today that it has separately acquired Chartwell L'Envol residences pour retraites (\"L'Envol\"), a recently developed retirement residence comprised of 360 suites (of which 36 are care units) built in 2019 in the\n \n Cap-Rouge\n \n neighbourhood of\n \n Quebec City\n \n . L'Envol is located within two kilometres of a major highway and near retail shopping amenities. L'Envol is 97% occupied. The purchase price of\n \n $117.8 million\n \n before working capital adjustments and closing costs is being financed with cash and a\n \n $65.4 million\n \n loan maturing in 6 months and carrying an interest rate of CORRA + 1.95%.  A mezzanine loan of\n \n $4.2 million\n \n extended by Chartwell to the prior owner o...