Chartwell Seniors Housing REIT

Chartwell Seniors Housing REIT

July 06, 2005 16:53 ET

Chartwell Announces 99% Acceptance and Take Up Under The CPAC 'Care' Holdings Ltd. Take-Over Bid

MISSISSAUGA, ONTARIO--(CCNMatthews - July 6, 2005) - Chartwell Seniors Housing Real Estate Investment Trust (TSX:CSH.UN) announced today that its indirect cash take-over bid (the "Offer") for all the common shares of CPAC (Care) Holdings Ltd. ("CPAC") was accepted by holders of over 99% of CPAC's issued and outstanding common shares prior to its expiry yesterday. Chartwell has taken up all the CPAC common shares deposited under the Offer and will pay for these shares and for the CPAC common shares to be compulsorily acquired by Chartwell on July 11, 2005. As a result, CPAC common shares will be delisted and removed from trading on the TSX Venture Exchange.

Chartwell REIT is a growth-oriented investment trust owning and managing a complete spectrum of seniors housing properties, and is currently the second largest participant in the Canadian seniors housing business. Chartwell REIT will capitalize on the strong demographic trends present in its markets to grow internally and through accretive acquisitions. Chartwell REIT also has an exclusive option to purchase stabilized facilities from Spectrum Seniors Housing Development LP, a seniors housing development company.

Certain statements contained in this new release may include forward-looking information with respect to Chartwell Seniors Housing Real Estate Investment Trust's intentions. Such statements are based on current expectations, are subject to a number of uncertainties and risks, and actual events may differ materially from those contained in such statements.

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