Chartwell Seniors Looks to Buy Despite Slowdown

MISSISSAUGA, ONTARIO-Chartwell Housing Properties Trust is cutting back its acquisition target this year to C$350 million ($346.4 million) from $2 billion ($1.97 billion) over the last three years, but the company is still looking for properties to digest, said Stephen Suske, vice chairman and chief executive officer, speaking this week at NAREIT’s REIT Week in New York City.

“We’re seeing some accretive deals come our way,” he said. “They’d have to be knock-your-socks-off accretive, but there are some pretty good deals coming down the pipe.” Planned purchases this year will be made from Chartwell’s third-party development partners.

The locally based REIT, which owns 248 senior-housing facilities in North America, in both Canada and the US, also has 10 properties currently under construction, a majority of them around Ontario. The company operates independent living facilities, retirement homes and long-term care properties.