SOURCE: Chartwell Retirement Residences

Chartwell Retirement Residences

June 28, 2016 07:22 ET

Chartwell Completes Sale of Three Properties in Quebec

MISSISSAUGA, ON--(Marketwired - June 28, 2016) - Chartwell Retirement Residences ("Chartwell") (TSX: CSH.UN) announced today that it completed the disposition of three residences comprised of 392 suites located in Quebec (collectively, the "Properties") to a private purchaser.

The purchaser assumed the existing mortgages of $17.9 million, bearing a weighted average interest rate of 3.99% and a weighted average term to maturity of approximately 6.2 years. $1.8 million will be made available to the purchaser after closing upon satisfaction of certain post-closing obligations.

The following are the Properties subject to this transaction:

       
Name of Residence  Location  Number of Suites
Appartements du Marquis résidence pour retraités  Sorel Tracy  133
Marquis de Tracy résidence pour retraités  Sorel Tracy  125
Le Riverain résidence pour retraités  Granby  134
Total     392
     

About Chartwell

Chartwell is an unincorporated, open-ended trust which indirectly owns and operates a complete range of seniors housing communities from independent supportive living through assisted living to long term care. It is the largest owner and operator of seniors residences in Canada. Chartwell's aim is to capitalize on the strong demographic trends present in its markets to maximize the value of its existing portfolio of seniors housing communities, and prudently avail itself of opportunities to grow internally and through accretive acquisitions. More information can be obtained at www.chartwell.com.

Forward-Looking Information

This press release contains forward-looking information that reflects the current expectations, estimates and projections of management about the future results, performance, achievements, prospects or opportunities for Chartwell and the seniors housing industry. Forward-looking statements are based upon a number of assumptions and are subject to a number of known and unknown risks and uncertainties, many of which are beyond our control, and that could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking statements. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those expected or estimated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. These factors are more fully described in the "Risks and Uncertainties" section in Chartwell's 2015 MD&A and in materials filed with the securities regulatory authorities in Canada from time to time, including but not limited to our most recent Annual Information Form.

Contact Information

  • For more information, please contact:
    Chartwell Retirement Residences
    Vlad Volodarski
    Chief Financial Officer and Chief Investment Officer
    Tel: (905) 501-4709
    Fax: (905) 501-4710
    vvolodarski@chartwell.com