Chartwell is acquiring 10 Quebec seniors residences for $511 million in two separate portfolio deals.

The seniors housing investor and operator announced Friday that it has agreed to acquire a 100% ownership interest in a portfolio of five high-quality, modern retirement residences comprising 1,428 suites in the Greater Montreal Area (GMA), Gatineau, and Sherbrooke for $297 million. The properties are known as the GMA portfolio.

Chartwell said it has also agreed to buy a 50% ownership interest in a portfolio containing another five high-quality, modern assets located in Quebec City and Shawinigan. The properties have been dubbed the Quebec City portfolio.

The company secured an option to purchase the remaining 50% stake in the Quebec City portfolio, beginning in 2028.

Mississauga, Ont.-based Chartwell also announced that it has closed on its acquisition of an 85% ownership interest in two modern Quebec, high quality residences with 685 suites from EMD-Batimo for $166 million: Chartwell Le Prescott and Chartwell Trait-Carré. The assets are known as the Batimo acquisitions. 

Together, the newly announced deals and completion are expected to result in Chartwell acquiring 12 properties comprising 3,918 suites with an average age of five years and current occupancy of 95%. The total purchase price will be $677 million.

Chartwell said it is also in late-stage negotiations to acquire an 85% ownership interest in a retirement residence with 368 suites in Quebec from EMD-Batimo for about $86 million. If all goes according to plan, Chartwell will assume a $58-million mortgage.

Meanwhile, Chartwell has launched a $300-million bought-deal offering of trust units. Proceeds will be used to fund the cash portions of the GMA and Quebec City portfolio acquisitions.

Pictured: Chartwell Le Prescott in Vaudreuil, Que.

Photo: Chartwell