Simultaneously, Chartwell sold half of its existing interest in Teasdale phase I ("Phase I") to Welltower to align the ownership structure across the entire complex.
Located at 950
The purchase price for Chartwell's 42.5% interest in Phase II is
Welltower acquired a 42.5% interest in Phase I from Chartwell for
Cash Flows at Ownership Share | |||
Disposition | Acquisition | ||
Phase I | Phase II | Combined | |
Value | 30.7 | (30.3) | 0.4 |
Debt assumed | (23.4) | 18.7 | (4.7) |
Mess settlement | - | 4.0 | 4.0 |
Cash Requirements | 7.3 | (7.6) | (0.3) |
"We are very pleased with the successful lease-up of phase II and the entire Le Teasdale résidence pour retraités complex. We are also happy to grow our partnership with Welltower," commented
ABOUT CHARTWELL
Chartwell is an unincorporated, open-ended real estate 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 operator in the Canadian seniors living sector with approximately 200 quality retirement communities in four provinces. Chartwell is committed to its vision of Making People's Lives BETTER and to providing a happier, healthier and more fulfilling life experience for its residents. For more information, visit www.chartwell.com.
For more information regarding this press release, please contact:
Chartwell Retirement Residences
Chief Investment Officer
tel: (905) 501-6763
email: investorrelations@chartwell.com
SOURCE Chartwell Retirement Residences
© Canada Newswire, source