TORONTO, Aug. 01, 2019 (GLOBE NEWSWIRE) — Canadian Apartment Properties Real Estate Investment Trust (âCAPREITâ) (TSX:CAR.UN) announced today that it has acquired a portfolio of 18 modern, high-quality residential rental properties totaling 942 residential suites well located in seven urban growth markets in the Netherlands. Approximately 91% of the properties have been constructed since 1970. Occupancy in the portfolio currently stands at approximately 98%. CAPREIT paid â¬163.8 million for the portfolio financed by CAPREITâs Euro Acquisition and Operating Facility.
âWe continue building scale in the robust Netherlands multi-residential market,â commented Mark Kenney, CAPREITâs President and Chief Executive Officer. âThe Netherlands residential rental market remains highly fragmented, with strong demand for rental accommodation driven by an acute housing shortage, high population growth, and strong macro-economic fundamentals. Consistent with our previous growth strategy for European Residential Real Estate Investment Trust (âERESâ), CAPREIT intends to make this portfolio available to ERES to execute on its growth plans when ERES is in a position to acquire it.â
As one of Canada’s largest residential landlords, CAPREIT is a growth-oriented investment trust which manages 61,189 residential units, comprising of 49,512 residential suites and 72 manufactured home communities comprising 11,677 land lease sites located in and near major urban centres across Canada, The Netherlands and Ireland. For more information about CAPREIT, its business and its investment highlights, please refer to our website at www.caprent.com or www.capreit.net and our public disclosure, which can be found under our profile at www.sedar.com.
CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS
All statements in this press release that do not relate to historical facts constitute forward-looking statements. These statements represent CAPREIT’s intentions, plans, expectations and beliefs and are subject to certain risks and uncertainties that could result in actual results differing materially from these forward-looking statements. These risks and uncertainties are more fully described in regulatory filings that can be obtained on SEDAR at www.sedar.com.
For more information, please contact:
Mr. Michael Stein
Mr. Mark Kenney
President & CEO
Mr. Scott Cryer
Chief Financial Officer