Acquisition Advances Strategy of Expanding into Canada’s Strongest Rental Markets
TORONTO, ONTARIO–(Marketwired – Sept. 30, 2016) – Canadian Apartment Properties Real Estate Investment Trust (“CAPREIT”) (TSX:CAR.UN) announced today that it has completed the acquisition of an 87-suite luxury townhome property in London, Ontario.
The property is centrally located in North West London close to a large shopping centre, schools, restaurants, banks and fitness centres, and is a short drive from the University of Western Ontario, one of Canada’s largest post-secondary institutions. Each townhome has three bedrooms, 2.5 bathrooms and a single car garage. The majority of suites include a finished basement, and all are sub-metered for hydro, water and gas. The complex, completed in June 2016, is 94% occupied and is near currently-owned CAPREIT properties.
CAPREIT paid approximately $22.5 million for the property, financed with its Acquisition and Operating credit facility.
“We are pleased to complete this exciting acquisition of a brand new, modern and luxury townhome property, which complements our growing London, Ontario portfolio,” commented Thomas Schwartz, President and CEO. “The addition of this property demonstrates our commitment to diversifying our portfolio to reduce risk and strengthening our presence across Canada’s strongest rental markets. By leveraging our proven property management program, we will add immediate and significant value to this asset by focusing on operating efficiency and reduced costs.”
As one of Canada’s largest residential landlords, CAPREIT is a growth-oriented investment trust owning interests in 48,190 residential units, comprising 41,747 residential suites and 31 manufactured home communities comprising 6,443 land lease sites located in and near major urban centres across Canada. 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.
Mr. Michael Stein
Mr. Thomas Schwartz
President & CEO
Mr. Scott Cryer
Chief Financial Officer