Chartwell Retirement (CSH) is back with a $430M deal for just over 1K suites, this time across Ontario - adding more than 8% to bed count when combined with its $290M, ~1K suite expansion in Quebec announced just over a week ago.

The deal includes excess land at one of the sites that acts as a lever for organic development (up to 140 suites). It’s financed partly by $230M of assumed debt (4.5%, 20-year term) with the remainder handled by already planned CMHC financings.

With $450M of available liquidity, favourable age demographics, and a management team with their foot on the gas - it’s unlikely this deal will be their last this year.

❝

We hope to continue this momentum throughout 2025, with more exciting strategic acquisitions being evaluated and at various stages of negotiation.

Jonathan Boulakia (CIO) - CSH Q1’25 call

You might be interested in…

About Bullpen: Bullpen Finance Inc. publishes content on Canadian markets and provides paid research coverage of select Canadian issuers. Bullpen is paid in cash by covered issuers, does not accept stock or options, does not hold positions in covered securities, and does not conduct investment banking business. Bullpen and LodeRock Advisors Inc. are affiliated; LodeRock provides investor relations services to issuers, some of whom are covered by Bullpen Research. When a post discusses a covered issuer, a specific disclosure appears at the top of the post. This post is published for general information purposes. It is not personalized investment advice and is not tailored to any individual reader’s circumstances. Bullpen is not a registered investment adviser or dealer. For full disclosures, including analyst certification, jurisdictional statements, and conflict of interest policies, please see our Legal & Disclosures section on our website.