Mr. Brent Binions reports
CHARTWELL ANNOUNCES TERMINATION OF THE AGREEMENT TO SELL SIX OF ITS U.S. PROPERTIES
Chartwell Seniors Housing Real Estate Investment Trust's previously announced agreement to sell its 100-per-cent ownership in six U.S. properties aggregating 1,221 independent living suites located in Michigan, Tennessee, Oklahoma, Alabama and Ohio to Harvest Facility Holdings LP, a wholly owned subsidiary of Fortress Investment Group LLC, has been terminated by the purchaser. Chartwell will continue to own these high-quality properties, which will remain under the management of Brookdale Senior Living.
"We are disappointed that this transaction will not proceed to closing, but remain focused on the operation of these properties until we are able to execute our strategic plan to narrow our footprint in the [United States] to concentrate on our key markets of Colorado, Texas and Florida," commented Brent Binions, president and chief executive officer.
We seek Safe Harbor.