Commercial Real Estate

Chartwell Retirement Residences in its $931 million joint venture purchase together with Welltower Inc. of 42 seniors facilities throughout Canada

Chartwell Retirement Residences
Key Contact
Christopher Murray

Partner, Corporate, Toronto

Team
Rod Davidge

Partner, Real Estate, Toronto

David Davachi

Partner, Tax, Toronto

 

On May 1, 2012, Chartwell Retirement Residences and Health Care REIT (HCN) completed the acquisition of a portfolio of 42 retirement communities located in Quebec, British Columbia and Alberta for a net purchase price of approximately $931 million. A Chartwell subsidiary and HCN Canada, a subsidiary of HCN, formed a co-ownership for the purpose of acquiring the portfolio that was U.S. REIT “RIDEA” compliant. The cross-border transaction was novel and complex, and involved more than 5,000 closing documents as a result of the vendor structure and tax planning on the purchaser side. Read more.

Osler, Hoskin & Harcourt LLP represented Chartwell Retirement Residences with a team consisting of Chris Murray (Corporate), Rod Davidge (Real Estate) and David Davachi (Taxation).

Value
$931 million
Date Closed
May 1, 2012
Lead Office
Toronto
Key Contact
Christopher Murray

Partner, Corporate, Toronto

Team
Rod Davidge

Partner, Real Estate, Toronto

David Davachi

Partner, Tax, Toronto