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).