10:20 AM EDT, 06/27/2024 (MT Newswires) -- Chartwell Retirement Residences (CSH-UN.TO) said Thursday that it raised $345 million after closing a public offering of more than 28 million trust units priced at $12.20 apiece.

The company said it plans to use the proceeds to partially finance the cash purchase price on its acquisition of a portfolio of five retirement residences in the Greater Montreal area, Gatineau, and Sherbrooke. Chartwell said it will also use the funds to acquire a 50% interest in a portfolio of five retirement residences in Quebec City area and Shawinigan.

Chartwell was trading up $0.09 at $12.68 on the TSX at last look.

Price: 12.69, Change: +0.10, Percent Change: +0.79