14%+ gains today on good newsHope to see the stock at around $5 tomorrow before any profit taking occurs. Dividend also announced.
GO CSH.UN
Here is the NEWS:
2008-12-15 10:38 ET - News Release
Mr. Stephen Suske reports
CHARTWELL'S U.S. PROPERTY MANAGEMENT PARTNER WINS NEW CONTRACT
ChartwellSeniors Housing Real Estate Investment Trust confirms that Horizon BayRetirement Living, Chartwell's property management partner in theUnited States, had been selected to manage three continuing-careretirement communities (CCRC) in Florida totalling 1,694 residentialunits.
The three projects include:
- Regency Oaks, located on 40 acres in Clearwater, which has 473 apartment homes;
- Lake Port Square, located on 78 acres on the shores of Lake Harris in Leesburg, which features two residential buildings with 553 apartment homes;
- South Port Square, in Port Charlotte, which has 668 total units located in the two residential buildings known as Gables East and Gables West.
All three of thesecommunities offer independent living, assisted living, home health andskilled nursing care. These CCRC communities employ 1,300 staff, allwho will become employees of Horizon Bay.
Horizon Bay was selected by AEW Capital Management LP (AEW), onbehalf of one of AEW's institutional clients, to become the new managerof the communities. The transaction increases Horizon Bay's units undermanagement to over 14,000, with 77 communities located nationwide in 15states.
"We selected Horizon Bay because of their excellent reputationand stellar track record in the retirement living market, and depth ofknowledge of the Florida seniors market," said Pamela Herbst, managingdirector and head of direct investments at AEW. "We anticipate asuccessful partnership with Horizon Bay."
"We're excited to enter the CCRC market and believe this is anatural extension of our diverse portfolio of living options forseniors," said Thilo Best, Horizon Bay's chairman and chief executiveofficer. "We are also delighted to add AEW to our roster ofinstitutional real estate investors that we manage properties for, andwe're looking forward to continuing the tradition of excellent serviceand amenities."
"This prestigious new contract is a testament to the strongmarket presence Horizon Bay holds in the U.S. seniors housing business,and the skill and expertise of their people," commented Stephen Suske,Chartwell's chief executive officer and vice-chair. "We are verypleased to have Horizon Bay as our U.S. property management partner,and congratulate them on this new contract."