Chartwell Seniors Housing REIT

Chartwell Seniors Housing REIT

July 20, 2005 13:57 ET

Chartwell REIT Appoints New Trustee

MISSISSAUGA, ONTARIO--(CCNMatthews - July 20, 2005) - Chartwell Seniors Housing Real Estate Investment Trust (TSX:CSH.UN) announced today the appointment of Mme. Lise Bastarache as a Trustee of the REIT effective August 10, 2005. She has been asked to sit on the Audit Committee and also will join the Board of Chartwell Master Care Corporation. Chartwell Master Care Corporation directs the operations of Chartwell Master Care LP, which is indirectly controlled by the REIT.

Mme. Bastarache was Quebec Regional Vice President, Private Banking for RBC Financial Group with a nine year career of increasing responsibility within the Bank, including Deputy Chief Economist from 1996 to 2000. Prior to joining RBC, she was a consultant to the economy and technology unit at SECOR Group, Inc from 1993 to 1996, and a lecturer in the economics department at the Universite du Quebec a Montreal from 1991 to 1994. She is fluently bilingual.

Mme. Bastarache is currently a member of the Board of Directors of the Jean Coutu Group (PJC) Inc., sitting on its Audit Committee and Corporate Governance Committee, as well as a member of the Board of Directors of the New Brunswick Power Corporation and its Environment Committee. In addition, she is a member of the Board of Governors of L'Universite de Moncton and its Finance Committee.

"We are extremely pleased to have Lise join the Chartwell Board," commented Mike Harris, Chair. "She brings a solid finance and capital markets background to the Board and, with our growing presence in the Quebec seniors housing business, her knowledge of the marketplace will be invaluable."

Mme. Bastarache will be replacing Mr. Joseph Wright, who has resigned from the Board due to increasing time commitments on other Boards.

"We thank Joe Wright for his contributions to the Board and Chartwell, and wish him well," added Stephen Suske, Vice Chair and President.

With this announcement, the Board will remain at ten members, with seven being independent and unrelated to management.

Chartwell REIT is a growth-oriented investment trust owning and managing a complete spectrum of seniors housing properties in selected centres across Canada. Focused on the North American marketplace, Chartwell REIT 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.

Chartwell's Distribution Reinvestment Plan (DRIP) allows Unitholders to have their monthly cash distributions used to purchase Trust Units without incurring commission or brokerage fees, and receive bonus Units equal to 3% of their monthly cash distributions. More information can be obtained at

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