Business
Chartwell Strengthens Presence in Oakville with Acquisition of Palermo Village Retirement Residence
Chartwell Strengthens Presence in Oakville with Acquisition of Palermo Village Retirement Residen...
About this update from Chartwell Retirement Residences
[{"type":"text","content":"\n\n\nChartwell Strengthens Presence in Oakville with Acquisition of Palermo Village Retirement Residence\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\nCanada NewsWire\n\n\nThis news release constitutes a \"designated news release\" for the purposes of Chartwell Retirement Residences' prospectus supplement dated November 6, 2025 to its short form base shelf prospectus dated April 30, 2024.MISSISSAUGA, ON, April 16, 2026 /CNW/ - Chartwell Retirement Residences (\"Chartwell\") (TSX: CSH.UN) today announced that it has entered into a binding agreement to acquire Palermo Village Retirement Residence, a high-quality, modern, private‑pay independent living residence located in a desirable Oakville neighborhood.\n\n\n\n\n\n\n\n\"The acquisition of Palermo Village is a strong addition to Chartwell's Ontario portfolio,\" said Jonathan Boulakia, Chartwell's Chief Investment Officer. \"This modern, well‑located residence aligns  with our strategy of acquiring private‑pay retirement residences assets in core urban markets. The Palermo benefits from its location within an affluent neighborhood and strong demand for its services. We look forward to welcoming Palermo Village residents and staff to the Chartwell family.\"Built in 2015, Palermo Village Retirement Residence is a six‑storey, independent living residence within the residential community of Palermo Village in North Oakville. The residence consists of 116 private-pay, independent living suites thoughtfully designed for active, independent seniors. Palermo features a full range of amenities including a fitness and wellness areas, formal and private dining areas, library, games room, salon and landscaped outdoor areas and offers its residents a full range of life enrichment programs and activities. Current occupancy stands at approximately 95%.The purchase price of $43 million (approximately $371,000 per suite) before closing and customary adjustments, is being funded with cash on hand. The acquisition is expected to close on June 1, 2026, subject to receiving regulatory approvals.About Chartw...