TORONTO, March 05, 2020 (GLOBE NEWSWIRE) — Canadian Apartment Properties Real Estate Investment Trust (âCAPREITâ) (TSX:CAR.UN) announced today that it has purchased a brand-new 16-storey apartment building containing 112 suites well-located in the Greater Montreal Area municipality of Brossard Quebec. CAPREIT paid $43.5 million for the property financed in cash from its Acquisition and Operating credit facility. Occupancy at closing was 96.4%.
Constructed in May 2019, this modern and stylish apartment property includes condo-like features and amenities including plank flooring, quartz countertops and energy efficient stainless-steel appliances in all suites. Containing a range of one- two- and three-bedroom suites, all are individually metered for hydro. Amenities include a roof-top terrace, fully equipped gym and multiple common areas and social rooms. It is situated on the shore of the St. Lawrence River close to the Quarter DIX30 Lifestyle Centre, Canadaâs second largest shopping destination, and near highways, metro train stations and the new Samuel de Champlain Bridge for easy access to downtown Montreal.
âAdding newer and more modern properties to our portfolio remains a key focus of our growth strategy,â commented Mark Kenney, President and CEO. âThese properties generate higher rents, attract stronger residents, require much less capital spending, and serve to further strengthen and diversify our overall portfolio. Looking ahead we will continue to focus on purchasing newer properties that enhance our asset base.â
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CAPREIT is one of Canada’s largest real estate investment trusts. CAPREIT owns approximately 56,700 suites, including townhomes and manufacturing housing sites, in Canada and, indirectly through its investment in ERES, approximately 5,600 suites in the Netherlands. CAPREIT manages approximately 60,800 of its owned suites in Canada and Netherlands, and additionally, approximately 3,700 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