On November 24, 2017, Chartwell Retirement Residences (Chartwell) announced the closing of its previously announced public offering of 17,732,000 trust units at a price of $15.20 per unit for a total gross proceeds of approximately $269.5 million. The financing was completed on a bought deal basis through a syndicate of investment dealers led by RBC Capital Markets and BMO Capital Markets. Chartwell intends to use the net proceeds from the financing to fund a portion of the purchase price for four retirement communities in the Greater Edmonton Area and to partially repay its secured revolving credit facility.
Chartwell is an unincorporated, open-ended trust which indirectly owns and operates a complete range of seniors housing communities from independent supported living through assisted living to long term care. It is the largest owner and operator of seniors residences in Canada. Chartwell's aim is to capitalize on the strong demographic trends present in its markets to maximize the value of its existing portfolio of retirement residences, and pursuing opportunities to grow internally and through accretive acquisitions.
Osler, Hoskin & Harcourt LLP advised Chartwell with a team consisting of Chris Murray and Rosalind Hunter (Securities) and Jack Silverson and David Davachi (Tax).
Team
Partner, Corporate, Toronto
Partner, Tax, Toronto
Partner, Tax, Toronto
Partner, Corporate, Toronto