TORONTO, July 15, 2020 (GLOBE NEWSWIRE) — Canadian Apartment Properties Real Estate Investment Trust (âCAPREITâ) (TSX:CAR.UN) announced today that it has sold an affordable sector 188-suite townhome property located in Calgary, Alberta for $30.5 million. CAPREIT acquired the Queenâs Park Village Townhomes in December 2002.
âAs a key component of our value enhancing strategies, we are constantly evaluating our entire asset base to ensure all our properties are generating strong and stable returns for our Unitholders,â commented Mark Kenney, President and CEO. âWe believe we have maximized the value we could achieve with this non-core property. The proceeds from the sale will provide added liquidity, which can be better utilized in more accretive growth opportunities.â
CAPREIT is one of Canada’s largest real estate investment trusts. CAPREIT owns approximately 56,600 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 60,700 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