09:15 AM EDT, 08/29/2024 (MT Newswires) -- Chartwell Retirement Residences (CSH-UN.TO) said Thursday that it agreed to acquire three modern retirement residences on Vancouver Island in British Columbia totaling 384 suites for $226.9 million.

The acquisitions comprise the 152-suite Vista Retirement Residence in Victoria, the

77-suite Nanaimo Memory Care in Nanaimo, and the 155-suite Edgewater Retirement Residence, which is under construction and is expected to be completed in the second quarter of 2025.

Chartwell said it expects to close the Vista and Nanaimo acquisitions in the fourth quarter.

The company said it will fund the transactions through a combination of net proceeds from the sales of its non-core assets, cash on hand, and its credit facilities.

"These acquisitions of high quality, newly developed residences will positively contribute to the overall quality of Chartwell's portfolio and expand our presence in the strong British Columbia market," said Jonathan Boulakia, Chartwell's chief investment officer. "We believe the quality of the acquired properties and their excellent locations, combined with our operating expertise, will support successful lease up and multiyear occupancy and market rate growth."

Chartwell also recently closed the sale of one non-core retirement residence in Ontario for $10.8 million. It also met conditions for the sale of another non-core residence in Ontario for $79.5 million, with closing expected in September.

During the third quarter, Chartwell said it expects to complete $159.6 million of 10-year CMHC-insured mortgage financing at average rates of approximately 4.15%.

Chartwell closed down $0.03 at $14.75 yesterday.