Chartwell closes previously announced Alberta acquisitions
On April 23, 2018, a private real estate development and seniors housing operating company and its partner completed the sale of four retirement communities in the Greater Edmonton Area, Alberta to Chartwell Retirement Residences for a purchase price of C$297.9 million.
The properties consist of 450 independent supportive living, 237 assisted living and 88 memory care suites, with 58% of the suites being private-pay and 42% being funded by Alberta Health Services.
A fifth community, currently under development by the partners, is expected to be completed and acquired by Chartwell in Q4 2019 pursuant to a forward sale contract entered into at closing of the initial transaction. The purchase price for the development property is C$120 million.
As part of the closing of the initial transaction, Torys acted for the private real estate development and seniors housing operating company in its sale of its 50% interest in the partnership's remaining four retirement communities in downtown Edmonton, Alberta to its partner. These four properties consist of 332 independent supportive living and 50 assisted living suites, with 87% of the suites being private-pay and 13% being funded by Alberta Health Services.
Further information can be found on Canada Newswire's website.