Chartwell Retirement Residences announced on June 24, 2024, and closed on June 27, 2024, a $300 million public offering of 24.6 million trust units at $12.20 per unit. The net proceeds of approximately $288.1 million will partially fund the $297 million GMA Portfolio acquisition and a $214 million 50% stake in the Quebec City Portfolio.

Underwriters included TD Securities, Scotia Capital, RBC Dominion Securities, BMO Nesbitt Burns, CIBC World Markets, National Bank Financial, Desjardins Securities, and Canaccord Genuity. Legal advisors were Osler, Hoskin & Harcourt LLP for Chartwell and Borden Ladner Gervais LLP for the underwriters.

The acquisitions, expected to close in Q3 2024, add modern, high-occupancy retirement residences in key Quebec markets.