TORONTO, Sept. 21, 2020 (GLOBE NEWSWIRE) — Canadian Apartment Properties Real Estate Investment Trust (âCAPREITâ) (TSX:CAR.UN) announced today that it has completed the previously-announced purchase of two properties in London and Sarnia, Ontario aggregating 301 residential suites. CAPREIT paid $50.0 million for the two properties, funded by CAPREITâs cash and cash equivalents.
The London property is a six-storey apartment building located in Southwest London containing a mix of 107 bachelor, one and two-bedroom suites. Located within a short walk of the Thames River, the property is close to a shopping mall, public gardens and other amenities, as well as local transport and access to major thoroughfares.
The Sarnia property consists of a ten-storey apartment building, a three-storey apartment building and 60 townhomes totaling 194 residential suites, as well as one commercial unit. The property is located in a pleasant low-density residential neighbourhood close to schools, parks, public transit and highways. Amenities include park-like landscaped grounds and a seasonal swimming pool.
âWe have increased our presence in these strong Ontario markets and anticipate solid returns on investment as operating synergies and economies of scale are achieved,â commented Mark Kenney, President and CEO.
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CAPREIT is one of Canada’s largest real estate investment trusts. CAPREIT owns approximately 57,000 suites and sites, including townhomes and manufactured housing sites, in Canada and indirectly through its investment in ERES, approximately 5,800 suites in the Netherlands. CAPREIT manages approximately 61,200 of its owned suites in Canada and Netherlands, and additionally, approximately 3,800 suites in 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