TORONTO, ONTARIO–(Marketwired – Feb. 9, 2015) – Canadian Apartment Properties Real Estate Investment Trust (“CAPREIT”) (TSX:CAR.UN) announced today that it has amended its previously- announced agreement (the “Pipeline Agreement”) with Irish Residential Properties REIT plc (“I-RES”). In lieu of the previously-announced contract extension, CAPREIT will now receive an underwriting fee of 1.0% of the purchase price of any assets acquired by CAPREIT under the Pipeline Agreement at such time as the assets are acquired by I-RES. The Pipeline Agreement remains subject to the approval of I- RES shareholders.
“This new underwriting fee, based on the EUR87.3 million purchase price for the Rockbrook Portfolio announced on January 28, 2015, will add a significant $0.011 to our NFFO per Unit once the Portfolio is acquired by I-RES,” stated Thomas Schwartz, CAPREIT’S President and CEO. “Until such time as the assets are acquired by I-RES, the Rockbrook Portfolio is immediately accretive to CAPREIT’S cash flow and will continue to benefit our Unitholders on an ongoing fee basis once the assets are acquired by I- RES as our I-RES Fund Management Limited manages the properties.”
As one of Canada’s largest residential landlords, CAPREIT is a growth-oriented investment trust owning interests in 41,958 residential units, comprising 35,674 residential suites and 30 manufactured home communities comprising 6,284 land lease sites located principally 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.capreit.net and our public disclosure, which can be found under our profile at www.sedar.com.
About I-RES REIT
Irish Residential Properties REIT plc is an Irish Real Estate Investment Trust (“REIT”) listed on the Irish Stock Exchange. The Company is the first REIT established in Ireland primarily focused on the multi-unit residential rental sector. The REIT will continue to seek to acquire, hold and manage investments primarily in multi-unit rental residential real estate and/or ancillary and strategically situated commercial property in Ireland.
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