10:52 AM EDT, 07/22/2025 (MT Newswires) -- Chartwell Retirement Residences (CSH-UN.TO) on Tuesday said it entered into a definitive agreement to purchase a portfolio of six senior housing communities totaling 1,024 suites across London, Waterloo, and Mississauga for a total purchase price of $432 million.

The total purchase price represents approximately $422,000 per suite and includes the excess land at the Erinview site, with potential to develop an additional 140 suites.

Chartwell Retirement Residences said that the acquisition price at closing will be $416.2 million and the committed purchase price for the Dorchester Terrace Townhomes payable on construction completion expected in the fourth quarter of 2026 will be $15.8 million.

The purchase price at closing will be settled by assuming in-place debt of $232.7 million, majority CMHC-insured, and in part from proceeds of already planned 2025 CMHC financings of approximately $240 million. The assumed in-place debt has a weighted average interest rate of 4.50% and weighted average maturity date of March 2045, added the company.

The closing is expected in the fourth quarter of 2025.

"This acquisition represents a significant strategic expansion for Chartwell in southwestern Ontario, one of Canada's most dynamic and growing seniors housing markets," said Chartwell's Chief Investment Officer, Jonathan Boulakia. "These communities have been designed for active, independent older adults and align with our continued focus on quality, operational excellence, and long-term value creation."

The company's shares were last seen down 0.6% to $17.86 on the Toronto Stock Exchange.

Price: 17.87, Change: -0.09, Percent Change: -0.50