MONTREAL-Missassauga, Ontario-based Chartwell Seniors Housing and Toledo, OH-based Health Care REIT Inc. have formed a joint venture to purchase the 42 seniors housing communities in Canada owned by locally-based Allegro Residences, a division of the Maestro Group. The price is $936.5 million, with Health Care REIT paying $509.5 million toward the venture.
The purchase is Health Care REIT’s first move into Canada. The trust has a portfolio of seniors housing and medical real estate that totals 937 properties in 46 US states. Chartwell already owns 195 communities across North America.
The entire portfolio includes about 8,200 units that are 88% leased in Ontario, Quebec, British Columbia and Alberta. Properties include Fountains of Mission in Calgary, Imperial Place in Surrey and Renaissance in Langley. The buyers will split ownership of 39 of the communities 50% each, and Health Care REIT will own the remaining three sites, including Ross Place in Victoria. Chartwell will manage all the properties.
Both Chartwell CEO Brent Binions and Health Care REIT CEO George Chapman said in separate statements that a goal has been met to expand in Canada. The country’s population of people 75 years and older is projected to double by 2032.
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