On August 25, 2021, Chartwell Retirement Residences announced the closing of its previously announced public offering of 15,490,500 trust units, inclusive of 2,020,500 trust units issued pursuant to the exercise in full of the over-allotment option, at a price of $13.00 per trust unit for total gross proceeds of approximately $201 million. The offering was completed on a bought deal basis through a syndicate of investment dealers led by BMO Capital Markets, RBC Capital Markets and CIBC World Markets. The proceeds from the offering will be used to repay indebtedness, fund future acquisitions and developments and for general trust purposes.
Chartwell Retirement Residences is an unincorporated, open-ended real estate trust and is the owner and operator in the largest Canadian seniors living sector.
Osler, Hoskin & Harcourt LLP advised Chartwell Retirement Residences with a team consisting of Rosalind Hunter, Jason Comerford, and Jesany Killam-Michel (Corporate) and David Davachi and Jennifer Lee (Taxation).