Chartwell Retirement to acquire The Edward for $53M

Executive Summary

• Chartwell Retirement Residences Real Estate Investment Trust has announced the strategic acquisition of The Edward, a modern boutique retirement residence located in Calgary, Alberta.
• The transaction involves the purchase of a 90-suite, private-pay independent living facility built in 2019, with an expected closing date of December 1, 2025.
• The acquisition is being financed entirely with cash on hand and is intended to expand Chartwell's presence in the Western Canadian seniors housing market.

Key Details

• Target Asset: The Edward, a five-storey boutique residence located in Calgary’s Marda Loop neighborhood, adjacent to the arts district and cSPACE King Edward.
• Property Specifications:
  • Built in 2019.
  • 90 private-pay, independent living suites.
  • Amenities include a creative arts studio, rooftop garden, luxury chauffeur service, and resort-style spaces.
• Financial Terms:
  • Purchase Price: $53 million (before closing and capital adjustments).
  • Price Per Suite: Approximately $589,000.
  • Financing: Cash on hand.
• Operational Metrics:
  • Current Occupancy: Approximately 86%.
• Timeline: Expected closing date is December 1, 2025.
• Strategic Rationale: The acquisition supports Chartwell’s strategy of acquiring modern, high-quality residences to support long-term value creation and expands its portfolio in Western Canada.

Notable Quotes

• "The acquisition of The Edward is a strategic expansion for Chartwell in Calgary, a vibrant and sought-after market for seniors housing... This upscale boutique residence is thoughtfully designed for active, independent older adults and supports our strategy of acquiring modern, high-quality residences that support long-term value creation." — Jonathan Boulakia, Chief Investment Officer, Chartwell