Chartwell Seniors Housing and Health Care REIT buy 42 retirement homes

MONTREAL – Chartwell Seniors Housing REIT (TSX:CSH.UN), in partnership with U.S.-based Health Care REIT Inc., have acquired 42 Allegro retirement residences across Canada for an undisclosed prices.

The retirement residences, bought from five Maestro retirement funds, are located in Quebec, Ontario, Alberta and British Columbia, Chartwell said in a news release.

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Chartwell said 45 per cent of the homes are in Quebec where Chartwell-Quebec already has a strong presence.

Mississauga, Ont.,-based Chartwell will manage the homes directly and said employees at each residence were being retained.

With over 186 homes in Canada, Chartwell is the largest provider of seniors housing in the country, with more than 26,000 residents.

Health Care REIT is the third-largest health-care real estate trust in the United States. This is the company’s first foray into the Canadian market.