Thu, 16/02/2012 - 14:00
Health Care REIT is partnering with Chartwell Seniors Housing REIT (TSX:CSH.UN) to own and operate a portfolio of 42 high-quality seniors housing and care communities with approximately 8,200 units located in attractive Canadian markets.
The portfolio is comprised primarily of independent living residences, with many of the communities offering a continuum of care that includes assisted living and memory care. The portfolio is being acquired from each of Maestro Retirement Residences Fund, Maestro Retirement Residences Fund II, Maestro Retirement Residences Fund III, Maestro Retirement Residences Fund IV, and Maestro Retirement Residences Fund V, for USD925.2 million. All currency references are in US dollars and are based upon an exchange rate of CAD to USD of 1:1. Thirty-nine of the properties will be owned 50% each by the company and Chartwell. HCN will wholly own the remaining three properties. Post-closing, Chartwell will manage the communities under an incentive-based management contract.
“The investment with Chartwell provides Health Care REIT with the opportunity to partner with a premier seniors housing operator in Canada and to invest in high-quality real estate in attractive markets,” says George L Chapman, Chairman, Chief Executive Officer and President of Health Care REIT. “This investment takes our successful US investment strategy and applies it to the Canadian market. HCN will gain a meaningful foothold in Canada’s largest and most attractive markets with a portfolio of high-quality private pay facilities, and benefit from a relationship with Canada’s leading seniors housing operator.”
Chartwell owns, operates and manages 195 communities with over 24,500 units across the full continuum of seniors housing in North America as of 30 September, 2011. Chartwell is publicly traded on the Toronto stock exchange and has an enterprise value of approximately USD3 billion.
“Our relationship with Health Care REIT reinforces Chartwell’s position as the leading seniors housing operator in Canada in prime markets with favourable demographics and demand fundamentals. It will allow us to attract additional opportunities in the marketplace, positioning Chartwell for continued growth,” says Brent Binions, Chief Executive Officer of Chartwell. “This portfolio’s geographic overlap with Chartwell’s existing seniors housing and care portfolio also presents excellent opportunities for increased operational efficiencies and economies of scale.”
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