Chartwell acquires Glebe retirement residence for $68.4 million

Default image

A month after adding the Duke of Devonshire to its portfolio, Chartwell Retirement Residences announced Thursday a $68.4 million deal to acquire the Lord Lansdowne from Dymon Healthcare Corporation. 

“We are pleased to add this excellent residence to our portfolio. The Lord Lansdowne strengthens our presence in the Ottawa market, where we already own 10 residences representing over 1,100 suites, allowing for improved operating and marketing synergies,” Chartwell's Chief Financial Officer and Chief Investment Officer Vlad Volodarski said in a statement. “We are looking forward to welcoming the Lord Lansdowne residents and staff to the Chartwell family.”

The deal for the Glebe residence, located across the street from Lansdowne Park and currently 88 per cent occupied, is expected to close June 1.

Chartwell owns over 185 retirement residences which employ approximately 14,000 staff and house more than 25,000 residents.