This news release constitutes a "designated
news release" for the purposes of Chartwell Retirement Residences'
prospectus supplement dated November 14,
2024 to its short form base shelf prospectus dated
April 30, 2024.
MISSISSAUGA, ON, Feb. 3, 2025
/CNW/ - Chartwell Retirement Residences (TSX: CSH.UN) ("Chartwell")
announced the closing of its transaction with Welltower Inc.
("Welltower"). As part of the transaction, Chartwell conveyed its
interests in 23 co-owned residences (4,633 suites) to Welltower
with management of these and two other managed properties (314
suites) transferred to a third-party manager ("Cogir") in exchange
for cash and Welltower's interests in 16 residences (3,511 suites),
all on terms consistent with those previously disclosed. Chartwell
and Cogir worked collaboratively over an extended period of time to
effect a smooth transition for the residents and employees of the
25 residences for which Cogir assumed management
responsibilities.
"Thank you to the employees of the 25 properties that are moving
to Welltower for their contribution to Chartwell over the years. We
wish all of you continuing success with the new manager. Thank you
to the residents of these properties for entrusting us to serve and
care for you. We wish the Cogir team all the best in continuing
successful operations in these residences." commented Vlad Volodarski, CEO of Chartwell.
ABOUT CHARTWELL
Chartwell is in the business of serving and caring for
Canada's seniors, committed to its
vision of Making People's Lives BETTER and to providing a happier,
healthier, and more fulfilling life experience for its residents.
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. For more
information visit www.chartwell.com.
For more information, please contact:
Chartwell Retirement Residences
Vlad Volodarski
Chief Executive Officer
Tel: 905-501-4709
Email: investorrelations@chartwell.com
SOURCE Chartwell Retirement Residences (IR)
