TORONTO, ONTARIO–(Marketwired – Aug. 18, 2017) – Canadian Apartment Properties Real Estate Investment Trust (“CAPREIT”) (TSX:CAR.UN) announced today that it has waived conditions and entered into a binding agreement of purchase and sale to acquire a portfolio of three high quality apartment properties in the Netherlands totaling 78 residential suites. The properties are well-located in Enschede, Meppel and Oldenzaal, centres where CAPREIT already owns properties. Occupancy in the portfolio currently stands at approximately 96%. All three properties are modern, well maintained and located close to universities, shopping, and key transportation links. The purchase price of approximately EUR13.2 million will be financed with new mortgage financing of approximately EUR8.0 million with a term of approximately 7.5 years bearing an interest rate of approximately 1.9% and the remaining with a euro-based loan under CAPREIT’s credit facility. Closing of the transaction is expected on or about August 25, 2017.
“We continue to expand and diversify our portfolio in the Netherlands, capitalizing on very strong demand for the quality rental accommodation we are providing,” commented Michael Stein, Chairman. “We are in the process of establishing our own regional office in the Netherlands, and we expect to see further gains in operating efficiency, reduced costs, and enhanced resident satisfaction as we bring our proven and successful property management programs to our growing portfolio in the country.”
As one of Canada’s largest residential landlords, CAPREIT is a growth-oriented investment trust owning interests in 49,980 residential units, comprising 43,528 residential suites and 31 manufactured home communities comprising 6,452 land lease sites located in and near major urban centres across Canada and the Netherlands. 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. Scott Cryer
Chief Financial Officer