Chartwell Senior Housing REIT completes $210 million initial public offering 

Date Closed: 11/14/2003

Value: $210 million

On November 14, 2003, Chartwell Senior Housing Real Estate Investment Trust (together with its subsidiaries, the REIT) completed its initial public offering by issuing 21 million trust units for $210 million. A further 3.15 million units were issued under the over allotment option on November 24, for an aggregate issue of $241.5 million. The offering was underwritten by a syndicate of underwriters led by RBC Capital Markets Inc. Upon completion of the acquisition of its initial properties, the REIT will own 44 income producing seniors housing facilities. It obtained 22 of those properties, from Alert Care Corp., an entity owned by TD Capital, Eclipse Capital Corp. and other investors.

The REIT was represented by BLG, with a team led by Paul Mingay, and assisted by Frank Allen, Gordon Raman, Julie Mansi, Dyana McLellan and Adam Segal (corporate/securities), Adam Fanaki (competition), Robert Kopstein and Craig Webster (tax) and Bruce Fowler, Jamie Mathers and Carlyn Klebuc (bank lending); and Evelyn Goldfarb, Alan Sless and Jenette Boycott handled the real estate purchases and mortgage matters for the REIT in respect of the purchase of Alert Care properties and Spectrum mezzanine financing; and Murray Shopiro advised on the development agreement. Cora Miller and Stephanie Nagel of BLG in Calgary, Sylvie Bouvette, Patricia Galella and Alexandra Nicol in Montreal, and Mark Lewis in Vancouver provided assistance in connection with purchases of properties in Alberta, Quebec and BC.