Health Care REIT And Chartwell Form JV
February 15, 2012
February 15, 2012. In what may be the first joint venture between a U.S. REIT and a Canadian REIT in the seniors housing market, Health Care REIT has partnered with Chartwell Seniors Housing REIT to purchase a portfolio of 42 seniors housing properties in Canada...
for a total purchase price of approximately US$925 million, or $113,000 per unit. The partnership will be 50-50 for 39 of the properties, and Health Care REIT will own 100% of three of the properties. All 42 will be managed by Chartwell, which will now become the largest operator of seniors housing assets in Canada. The transaction is projected to provide Health Care REIT with a first year NOI yield of 7.4% after management fee. The transaction is expected to close in the second quarter. Matthew Whitlock, John O'Bryan and Mathew Burnett of CBRE represented the seller, the Canadian-based Maestro Family of Funds. BofA Merrill Lynch was the exclusive financial advisor to Health Care REIT. We will have more details in the March issue.