Chartwell buys B.C. retirement residence with expansion potential for $21.5M

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MISSISSAUGA, Ont. - Chartwell Retirement Residences (TSX:CSH.UN) has acquired the Ridgepointe at Pineview, a 109-suite retirement residence in Kamloops, B.C.

The $21.5-million deal includes land that Chartwell says has potential for an 80- to 90-suite expansion.

The Ridgepointe opened last year and is about 52 per cent occupied.

Chartwell's property portfolio already includes the 97-suite Chartwell Kamloops Retirement Residence, providing operational advantages.

"This acquisition is fully in line with our strategy to acquire newer, well-designed and well-located properties in our existing markets," commented Brent Binions, Chartwell's president and CEO.

Chartwell has arranged a five-year mortgage at 3.65 per cent to pay for $11.8 million of the purchase price and the rest will be funded through a credit facility.

Organizations: Chartwell Retirement Residences, TSX

Geographic location: MISSISSAUGA, Kamloops

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