Health Care REIT, Inc. Announces Expansion into Canada; $925.2 Million Acquisition with Chartwell Seniors Housing REIT
Health Care REIT, Inc. (NYSE: HCN) announced today it will partner with Chartwell Seniors Housing REIT (TSX:CSH.UN) to own and operate a portfolio of 42 high-quality seniors housing and care communities with approximately 8,200 units located in attractive Canadian markets. The portfolio is comprised primarily of independent living residences, with many of the communities offering a continuum of care that includes assisted living and memory care. The portfolio is being acquired from each of Maestro Retirement Residences Fund, L.P., Maestro Retirement Residences Fund II, L.P., Maestro Retirement Residences Fund III, L.P., Maestro Retirement Residences Fund IV, L.P. and Maestro Retirement Residences Fund V, L.P. for $925.2 million. All currency references are in US dollars and are based upon an exchange rate of CAD to USD of 1:1. Thirty-nine of the properties will be owned 50% each by the company and Chartwell. HCN will wholly own the remaining three properties. Post-closing, Chartwell will manage the communities under an incentive-based management contract.
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