- What Chartwell has completed its deal to buy a 50% stake in five properties in Québec
- Why The company continues to execute on its strategy of acquiring new facilities in core markets
- What Next Chartwell will manage the properties
Chartwell Retirement Residences has completed its $214m acquisition of a 50% ownership interest in five new senior-housing properties in Québec from Fonds Immobilier Champlain, Green Street News can reveal.
The transaction, which closed on Nov. 18, was co-brokered by Avison Young and TD Securities. Fonds Champlain retained the other 50%. Chartwell will manage the properties, which comprises 1,805 suites. The move is part of the company’s strategy to buy new facilities in core markets.
The acquired properties are:
- the 621-unit Le Jules Verne
- the 321-unit Saint-Nicolas 2
- the 316-unit Shawinigan
- the 293-unit Val-Bélair
- the 254-unit Saint-Nicolas 1
Four of the properties, representing 82% of the acquired suites, are in the Québec City area, with one property in Shawinigan. They have an average age of five years and offer upscale amenities such as restaurants, theatres, pools and exercise facilities.
The company announced the deal in June along with its agreement to buy a 100% ownership interest in five retirement properties, comprising 1,428 suites, in the Greater Montréal Area for $297m.
