Chartwell Retirement Residences has completed its previously announced agreement to acquire six seniors homes across Southwestern Ontario for $432 million from Sifton Properties, the company announced Monday.

To complete the acquisition, Chartwell reached a consent agreement with the Competition Bureau of Canada, addressing concerns that the transaction could lessen competition in retirement-home services in the Kitchener-Waterloo area. As part of the agreement, Chartwell will divest its Clair Hills retirement home in Waterloo, Ont., to an independent purchaser approved by the competition commissioner.

The acquisition marks a major expansion of Chartwell’s footprint in the region. The portfolio includes 1,024 suites located in London, Ont.; Waterloo, Ont., and Mississauga, Ont., with a mix of independent living suites, apartments, and townhomes serving low-acuity, private-pay seniors.

Key properties include Riverstone and Richmond Woods in London, Longworth in London, Dorchester Terrace in Dorchester, Westhill in Waterloo, and Erinview in Mississauga. The sites date back from 2001 to 2023, with modern amenities and in some cases, development potential—such as Erinview, where excess land could allow for 140 additional suites, and Dorchester Terrace, where 29 townhomes are expected to be completed by the end of 2026.

“This closing marks an important milestone in executing our disciplined growth strategy,” said Jonathan Boulakia, Chartwell’s chief investment officer. “We are pleased to complete this acquisition and integrate a portfolio of modern, well-located communities that enhance our platform. These assets offer strong operational fundamentals and future growth potential, including expansion opportunities such as the future excess land at Erinview in Mississauga and the development of townhomes, currently in construction, at Dorchester Terrace in Dorchester.”

The total purchase price included $416.2 million payable at closing and $15.8 million tied to the completion of the future townhomes at Dorchester Terrace.

Chartwell will assume $232.7 million of in-place debt, which is mostly Canada Mortgage and Housing Corporation-insured, and fund the remainder through planned 2025 CMHC financings.

Pictured: Erinview seniors home in Mississauga, Ont.

Photo: Fryett Turner Architects