Retirement News : Seniors : Chartwell Seniors REIT to sell $90.3 million trust units to ...

Chartwell Seniors REIT to sell $90.3 million trust units to ...

Date Added: 14-03-2005

MISSISSAUGA, Ont. (CP) - Chartwell Seniors Housing real estate investment trust plans to raise $90.3 million in an issue of its trust units.

Chartwell said it intends to use the money raised to indirectly invest in Chartwell Master Care LP, which will use the money to fund acquisitions, mezzanine loans and to repay debt.

The trust said Thursday that it will sell 6.25 million units for $14.45 each to a syndicate of underwriters led by RBC Capital Markets on a bought-deal basis.

Units in the real estate trust (TSX:CSH.UN) closed down 25 cents at $14.55 on the Toronto Stock Exchange.

For More Information: http://www.canada.com/businesscentre/story.html?id=74fb254f-9928-434a-8eae-31af275f9b41