Business News • MarketWire • Chartwell to Acquire Remaining 50% Interest in 15-Property Portfolio in the U.S. |
Chartwell to Acquire Remaining 50% Interest in 15-Property Portfolio in the U.S. |
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Chartwell to Acquire Remaining 50% Interest in 15-Property Portfolio in the U.S.
MISSISSAUGA, ONTARIO--(Marketwire - July 18, 2011) - Chartwell Seniors Housing Real Estate Investment Trust (TSX:CSH.UN) ("Chartwell") announced today that it has entered into an agreement to acquire 50% of a portfolio of primarily independent supportive living seniors communities in the United States from ING Real Estate Community Living Group ("ING"). The portfolio consists of 15 communities (2,947 suites) located across nine U.S. states. Occupancy at the properties was approximately 86% at June 30, 2011. The purchase price for the 50% interest will be approximately $169.0 million, net of a debt mark-to-market adjustment of $2.5 million. As part of the transaction, Chartwell will assume debt with an outstanding balance of $135.8 million as of June 30, 2011, bearing a weighted average interest rate of 6.27% with a weighted average term to maturity of 4.5 years. The balance of the purchase price, subject to working capital adjustments, will be paid in cash utilizing Chartwell's credit facility. Closing of the transaction, subject to regulatory and lenders' approvals, is expected by October 2011, after which Chartwell will own 100% of these properties.
View More : http://www.marketwire.com/mw/release.do?id=1539402&sourceType=3
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