The Canadian seniors housing REIT, Chartwell Retirement Residences, which owns and manages over 180 senior living properties in Canada, added five retirement communities with 616 units to its portfolio. They were opened between 2008 and 2013 and had an average occupancy of 89.1%. Four of the properties also have an assisted living component, with 93 total units. Chartwell paid USD$192.89 million, or $313,100 per unit, for the properties, which includes a total of $39.7 million in assumed mortgage debt on two of the communities. A portion of the price will be Chartwell issuing to one of the vendors $11.4 million of Exchangeable Class B Units of Chartwell Master Care LP. There were five separate groups of sellers. Two of the communities will initially be owned by two limited partnerships in which the sellers’ affiliates will retain interests. Signature Retirement Living Corp., an affiliate of the sellers, will continue to manage these properties until end of year 2018 under contract with Chartwell. Then, Chartwell will acquire the sellers’ remaining interests and assume management. Chartwell expects to fund the acquisition with available cash and its credit facility. The transaction is expected to close in November 2015.