MISSISSAUGA, ONTARIO--(Marketwire - May 1, 2012) -
Editors Note: There are two photos associated with this press release.
Earlier today Chartwell Seniors Housing REIT, in partnership with Health Care REIT, Inc. ("HCN"), announced the acquisition of 42 Allegro retirement residences from five Maestro funds. The homes are located in Ontario, Quebec, British Columbia and Alberta.
With over 186 homes in Canada, Chartwell has become the largest provider of seniors housing in the country, serving over 26,000 residents. Chartwell offers a complete continuum of housing including independent living, assisted living and long term care. Its headquarters are in Mississauga, Ontario with corporate offices in Montreal, Quebec and Vancouver, British Columbia.
Health Care REIT is the 3rd largest healthcare real estate trust in the United States and this is their first entry into the Canadian market. Chartwell will manage the homes directly.
"We see this as an opportunity to bring our vision of "Making People's Lives Better" to even more residents across Canada and is consistent with our commitment to expand our presence in the Canadian market," said Brent Binions, President and CEO of Chartwell. "We want seniors and their families to know that the care and services they receive in a Chartwell home will make their lives happier, healthier and more meaningful. We strive every day in every home to live up to that commitment."
The transaction includes the following homes in Western Canada:
|Imperial Place, Surrey|
|Ross Place, Victoria (wholly owned by HCN, managed by Chartwell)|
|Fountains of Mission, Calgary|
About Chartwell: Chartwell is a real estate investment trust that owns and operates a complete range of seniors housing communities. It is one of the largest participants in the seniors housing business in North America. More information can be found at www.chartwellreit.ca.
Photos attached: Fountains of Mission, Calgary and Renaissance Langley, BC. Additional photos available upon request.
To view the photos associated with this press release, please visit the following links: http://www.marketwire.com/library/20120501-FountofMisLRG.jpg and http://www.marketwire.com/library/20120501-renlangLRG.jpg.