Health Care REIT, Inc. (NYSE:HCN) announced today that it has completed the acquisition with Chartwell Seniors Housing REIT (TSX:CSH.UN) of 42 seniors housing and care communities in attractive Canadian markets, which was previously announced on February 15, 2012. Thirty-nine of the properties are owned 50% each by the company and Chartwell. The company wholly owns the remaining three properties. Chartwell will manage the communities under an incentive-based management contract. The portfolio, comprised primarily of independent living residences, closed on May 1st. Based on the USD to CAD exchange rate of .9879 on April 30th, the purchase price was USD $936.5 million.1 The company’s share of the purchase price was USD $509.5 million.1
“This investment with Canada’s leading seniors housing operator expands Health Care REIT’s successful U.S. investment strategy into Canada,” said George L. Chapman, Chairman, Chief Executive Officer and President of Health Care REIT. “It establishes the company’s presence in Canada’s largest and most attractive markets with a portfolio of high-quality private pay facilities.”
For additional information regarding the Chartwell transaction, visit the Featured Partners page of HCN's website at http://www.hcreit.com/featuredpartners/Chartwell.
About Health Care REIT, Inc.
Health Care REIT, Inc., an S&P 500 company with headquarters in Toledo, Ohio, is a real estate investment trust that invests across the full spectrum of seniors housing and health care real estate. The company also provides an extensive array of property management and development services. As of December 31, 2011, the company’s broadly diversified portfolio consisted of 937 properties in 46 states. More information is available on the company's website at www.hcreit.com.
About Chartwell Seniors Housing REIT.
Chartwell is a Mississauga, Ontario based company that owns and operates seniors housing communities offering a continuum of care including independent living, assisted living, memory care, and long-term care. Chartwell's aim is to capitalize on the strong demographic trends present in its markets to maximize the value of its existing portfolio of seniors housing communities, and to grow prudently through accretive acquisitions in its existing markets.
1 The U.S. dollar amount of the transaction is subject to change based on final accounting of the currency translation.