TORONTO, ONTARIO–(Marketwired – May 11, 2016) – Canadian Apartment Properties Real Estate Investment Trust (“CAPREIT”) (TSX:CAR.UN) announced today that it has completed the acquisition of a residential townhome property in Mississauga, Ontario and a fully-occupied Manufactured Housing Community (“MHC”) in Fort St. John, British Columbia.
The townhome property contains 50 three bedroom units and five four bedroom units located in a mature residential neighbourhood in central Mississauga close to public transit, major highways and the popular Square One shopping centre. It is a highly desirable, family-oriented community with nearby schools, parks, libraries and community centres, all within walking distance. Recent renovations include new hardwood floors, updated kitchens as well as new siding, insulation and windows. The property is adjacent to a currently-owned CAPREIT asset. CAPREIT paid $10.0 million for the property, financed with its Acquisition and Operating credit facility.
The MHC property contains 144 sites in central Fort St. John, a bustling oil and gas, mining, agriculture and tourism community located near the mid-northern British Columbia and Alberta border. In December 2014 the Province approved construction, begun in the summer of 2015, of a dam and hydroelectric generating station on the Peace River approximately 12 kilometers from the property. Population growth in Fort St. John has been among the highest on a percentage basis in British Columbia. The park is situated on 23 acres of land and is also close to schools, retail outlets and sports facilities. CAPREIT paid $8.4 million for the property financed with its Acquisition and Operating credit facility.
“These acquisitions further strengthen the diversification of our property portfolio, adding high quality townhome units and MHC sites in strong geographic markets with high demand for rental accommodation,” commented Thomas Schwartz, President and CEO. “Townhomes with multiple bedrooms are in high demand in the GTA, and we expect the property to make a strong and growing contribution to our results. The Fort St. John area is also growing, and these high quality MHC sites are sure to remain full for years to come.”
As one of Canada’s largest residential landlords, CAPREIT is a growth-oriented investment trust owning interests in 47,758 residential units, comprising 41,315 residential suites and 31 manufactured home communities comprising 6443 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.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