Chartwell and Health Care REIT Acquire Maestro Portfolio
|Areas||Commercial Real Estate, Competition, Antitrust and Foreign Investment, Health Care Law, REITs and Income Securities, Tax|
Goodmans represented Health Care REIT, Inc. in connection with Chartwell Seniors Housing REIT and Health Care REIT, Inc.’s acquisition from certain Maestro Retirement Residences Funds of a portfolio of 8187 suites in 42 retirement residences in Canada for a purchase price of approximately $931 million. The properties are located in Quebec, Ontario, Alberta and British Columbia. The transaction received the approvals of both the Competition Bureau and Investment Canada.
Chartwell and HCN formed a co-ownership, each acquiring a 50% undivided interest in 39 of the retirement communities for a purchase price of approximately $850 million. HCN also acquired a 100% interest in three of the retirement communities for a purchase price of approximately $81 million.