Chartwell Retirement (CSH-U) is keeping busy, announcing three more acquisitions in Quebec for $315M and a development project in Calgary - adding ~1K units at similar occupancy levels to the portfolio.
The deal follows expansions of similar size across Ontario and Quebec in July and is unlikely to be the last, with management showing no intention of taking its foot off the gas on M&A:
While we have been successful sourcing high quality acquisitions over the last 24 months, we have also been busy laying the groundwork to build an important pipeline of future acquisition opportunities…
With the reduction in non-permanent residents restarting population aging…
… I’m starting to think retirement homes are our best shot at hitting Carney’s target of 500K starts per year.
