Chartwell Seniors Housing REIT Completes Public Offering

On March 30, 2005, Chartwell Seniors Housing Real Estate Investment Trust (the REIT) completed a public offering of 6,250,000 trust units at $14.45 per unit for gross proceeds of $90,312,500. The offering was completed on a bought-deal basis and was underwritten by a syndicate of underwriters led by RBC Dominion Securities Inc. The proceeds of the offering will be used to fund certain acquisitions of seniors housing facilities, to fund mezzanine loans to Spectrum Seniors Housing Development LP and Spectrum's joint venture partners, and to repay indebtedness outstanding under the REIT's operating facility.

The REIT was represented by Borden Ladner Gervais LLP with a team led by Paul Mingay that included Gordon Raman, Dyana McLellan and Paul Simon (corporate/securities), Craig Webster (tax) and Alan Sless (real estate).

The underwriters were represented by Osler, Hoskin & Harcourt LLP with a team led by Chris Murray that included Adam Grabowski (corporate), Tim Schumacher (real estate) and Judith Harris (tax).