Chartwell in its $345 million trust unit offering

On June 27, 2024, Chartwell Retirement Residences (Chartwell) announced the closing of its previously announced public offering of 28,290,000 trust units at a price of $12.20 per unit for total gross proceeds of approximately $345 million. The financing was completed on a bought deal basis through a syndicate of investment dealers led by TD Securities Inc., Scotiabank, and RBC Capital Markets. Chartwell intends to use the net proceeds from the offering to partially finance the cash purchase price of its acquisitions of: (i) a 100% ownership interest in a portfolio of five high quality, modern retirement residences with 1,428 suites, located in the Greater Montreal area, Gatineau, and Sherbrooke; and (ii) a 50% ownership interest in a portfolio of five high quality, modern retirement residences with 1,805 suites located in the Quebec City area and Shawinigan.

Chartwell is an unincorporated, open-ended real estate trust which indirectly owns and operates a complete range of seniors housing communities, from independent living through to assisted living and long term care. Chartwell is one of the largest operators in Canada, serving over 25,000 residents in four provinces across the country.

Osler, Hoskin & Harcourt LLP advised Chartwell with a team consisting of Rosalind Hunter, Jason Comerford, Wesley Cohen, and Jacqueline Kang (Corporate) and David Davachi and Emily Gilmour (Tax).