Chartwell Retirement Residences has agreed to acquire three Quebec seniors homes for $315.2 million as part of its ongoing growth program.

The Mississauga, Ont.-based company announced that it has agreed to purchase 950 suites altogether.

The assets include:

• Résidence L’Aubier in Lévis (376 suites for $128.2 million);
• Résidence Panorama in Laval (238 units for $76 million); and,
• Résidence Azalis in Repentigny (334 suites for $111 million).

“We are pleased to continue our strategic growth by acquiring modern, efficient, and highly desirable properties in dynamic urban markets at a significant discount to replacement costs,” said Jonathan Boulakia, the company’s chief investment officer.

Chartwell also closed the $88.5-million acquisition of Les Tours Angrignon, a 449-suite seniors’ community in Montreal, and began development of the 111-suite Kingsview Retirement Residence in Calgary through a $6.5-million mezzanine financing.

Recent financing initiatives include a $250-million equity raise through its at-the-market program and $87 million in new Canada Mortgage and Housing Corporation-insured mortgages. In addition, the company announced that Morningstar DBRS upgraded Chartwell’s trend to positive from stable while confirming its BBB (low) investment-grade rating.

“The successful execution of our ATM program and mortgage financings enables us to support strategic growth of our portfolio while ensuring prudent debt-leverage management within our established targets,” added CFO Jeffrey Brown.

Chartwell operates one of Canada’s largest networks of seniors’ housing communities, serving about 25,000 residents across four provinces.

Pictured: Chartwell’s Les Tours Angrignon seniors complex in Montreal acquired by Chartwell.

Photo: Cogir