Chartwell Seniors Housing Real Estate Investment Trust (CA:CSH.UN) announced that it completed the previously-announced acquisition from ING Real Estate Investment Management Australia PTY Limited and its affiliates ("ING") of the remaining 50% ownership interests in six retirement home properties located in the United States ("Meridian portfolio"). Chartwell expects to complete the previously-announced acquisition from ING of the remaining 50% ownership in eight long term care properties situated in Ontario during the second quarter of 2010.
The Meridian portfolio consists of six independent living and assisted living communities totaling 1,057 suites: five properties in the Denver, Colorado area and one in Temple, Texas. The Meridian portfolio was acquired in a joint venture with ING in August 2005. Chartwell’s US joint venture property management company, Horizon Bay Chartwell, will continue managing these properties. The purchase price for ING’s 50% partnership interest in the Meridian Portfolio was US$110.5 million and was settled through the assumption of outstanding mortgages payable of approximately US$74.7 million and cash payment of approximately US$35.8 million.
"The acquisition of full ownership in this high quality portfolio enhances our presence in strong US retirement markets, and will be accretive to our AFFO on an annualized basis," stated Brent Binions, President and CEO.