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MISSISSAUGA, ONTARIO-Chartwell Housing Properties Trust is cutting back its acquisition target this year to C$350 million ($346.4 million) from $2 billion ($1.97 billion) over the last three years, but the company is still looking for properties to digest, said Stephen Suske, vice chairman and chief executive officer, speaking this week at NAREIT’s REIT Week in New York City.

“We’re seeing some accretive deals come our way,” he said. “They’d have to be knock-your-socks-off accretive, but there are some pretty good deals coming down the pipe.” Planned purchases this year will be made from Chartwell’s third-party development partners.

The locally based REIT, which owns 248 senior-housing facilities in North America, in both Canada and the US, also has 10 properties currently under construction, a majority of them around Ontario. The company operates independent living facilities, retirement homes and long-term care properties.

Suske acknowledged that the credit crunch in the US is currently having some impact on getting acquisitions done. “All of the lenders are sitting on their hands now waiting for the capital markets correction in the US,” he said.

But he does not see a long-term slowdown. There are 11,000 new rooms in demand each year through 2026 in Ontario alone, and Chartwell is hoping to build 20% of that new senior-housing stock.

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