Chartwell REIT Purchases Laval Retirement Residence.MISSISSAUGA, Ontario For the First Nation, see . Mississauga (pronounced: [ˌmɪsɪˈsɑgə] listen -- Chartwell Seniors Housing Chartwell Seniors Housing REIT (TSX: CSH.un) is a real estate investment trust in Canada that was founded in 1999. It operates seniors housing properties in six of Canada's provinces and four in The United States. Real Estate Investment Trust (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :CSH csh - C shell .UN) announced today that it has acquired a seniors residence in Laval, Quebec Laval (pronounced  ) is a city and a region in southwestern Quebec, Canada in the Greater Montreal Area. It is located on Île Jésus, across the Rivière des Prairies from Montreal. , increasing its total Quebec investments to 4,175 suites in 26 facilities. Villa Val des Arbes is a 163-suite retirement home situated in eastern Laval bordering the Domaine du Boise, a 100 acre ecological forest. Recently renovated and updated, the residence includes a fully landscaped courtyard and patio with secure access. The transaction closed recently with a purchase price of approximately $14.7 million. Ongoing management of the home will be overseen by Chartwell's partnership with Le Groupe Melior. "We are pleased to be increasing our presence in the strong Quebec market," commented Stephen Suske, Vice Chair and President. "Villa Val des Arbes has an excellent reputation for quality service and accommodation for its residents' well being and Chartwell is delighted to add this attractive facility to our ever growing Quebec portfolio". Chartwell REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (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 Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. 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 reinvestment plan See dividend reinvestment plan (DRIP). (DRIP) allows Unitholders to have their monthly cash distributions used to purchase 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 www.chartwellreit.ca Certain statements contained in this news release may include forward-looking information with respect to Chartwell Seniors Housing Real Estate Investment Trust's operations and future financial results. Such statements are based on current expectations, are subject to a number of uncertainties and risks, and actual results may differ materially from those contained in such statements. These uncertainties and risks include, but are not limited to, availability of resources, competitive pressures, changes in market activity and regulatory requirements. Further information can be found in the disclosure documents filed by Chartwell Seniors Housing Real Estate Investment Trust with the securities regulatory authorities, available at www.sedar.com. Chartwell Seniors Housing REIT (TSX:CSH.UN) |
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