MISSISSAUGA, Ont. - Chartwell Retirement Residences (TSX:CSH.UN) has acquired a 138-suite residence in Mission, B.C., for $27 million, the real estate trust announced Monday.
Cedarbrooke Chateau, built in 2009 and 73 per cent occupied, is Chartwell's second retirement residence in Mission, a Fraser Valley community with a population of about 34,500.
Chartwell says it expects "strong operational synergies" with the existing 126-suite Chartwell Carrington House Retirement Residence but didn't provide details in its announcement.
"This acquisition is fully in line with our strategy to acquire newer, well-designed and well-located properties in our existing markets," Brent Binions, Chartwell's president and CEO, said in a statement.
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