"We are pleased to be extending our relationship with ING," says Chartwell co-CEO Stephen Suske. "We look to involve them in further transactions as we build our position as the country's largest owner and operator of retirement communities." Chartwell plans to capitalize on an aging North American population to grow both internally and through acquisitions, says Suske, whose firm has been active on the latter front. Besides the Regency Care portfolio involving ING, Chartwell has acquired four other assisted living properties in recent months throughout Ontario, among then a 79-unit building in Sudbury, 90 units in Ottawa and a 323-unit complex in Mississauga.

ING Australia will give Chartwell half of the $87.5-million cash portion to pay for the Regency Care assets, while there will also be a $143.7-million assumption of mortgage debt by Chartwell at an average interest rate of 7.4%. Not only will the company own 1,384 long-term care beds in the eight facilities, Chartwell will also take over a contract to manage six long-term care properties encompassing another 814 beds.

All of the residences are 100% occupied and have extensive waiting lists, and most are located in high-growth communities in the Greater Toronto area. The smallest is the 160-unit Westmount in Kitchener, while the largest at 192 units is the Woodhaven in Markham. Others are the Willowgrove in Ancaster, Brant Centre in Burlington, the Waterford in Oakville, the Westbury in Etobicoke, the Wynfield in Oshawa and the WenLiegh, a 161-unit property in Chartwell's hometown.