Chartwell Announces Closing of Welltower Transaction

This news release constitutes a "designated news release" for the purposes of Chartwell Retirement Residences' prospectus supplement dated November 14, 2024 to its short form base shelf prospectus dated April 30, 2024.

MISSISSAUGA, ON, Feb. 3, 2025 /CNW/ - Chartwell Retirement Residences (TSX: CSH.UN) ("Chartwell") announced the closing of its transaction with Welltower Inc. ("Welltower"). As part of the transaction, Chartwell conveyed its interests in 23 co-owned residences (4,633 suites) to Welltower with management of these and two other managed properties (314 suites) transferred to a third-party manager ("Cogir") in exchange for cash and Welltower's interests in 16 residences (3,511 suites), all on terms consistent with those previously disclosed. Chartwell and Cogir worked collaboratively over an extended period of time to effect a smooth transition for the residents and employees of the 25 residences for which Cogir assumed management responsibilities.

"Thank you to the employees of the 25 properties that are moving to Welltower for their contribution to Chartwell over the years. We wish all of you continuing success with the new manager. Thank you to the residents of these properties for entrusting us to serve and care for you. We wish the Cogir team all the best in continuing successful operations in these residences." commented Vlad Volodarski, CEO of Chartwell.

ABOUT CHARTWELL

Chartwell is in the business of serving and caring for Canada's seniors, committed to its vision of Making People's Lives BETTER and to providing a happier, healthier, and more fulfilling life experience for its residents. Chartwell is an unincorporated, open-ended real estate trust which indirectly owns and operates a complete range of seniors housing communities, from independent living through to assisted living and long term care. Chartwell is one of the largest operators in Canada, serving over 25,000 residents in four provinces across the country. For more information visit www.chartwell.com.

For more information, please contact:

Chartwell Retirement Residences
Vlad Volodarski
Chief Executive Officer
Tel:  905-501-4709
Email: investorrelations@chartwell.com 

SOURCE Chartwell Retirement Residences (IR)