TORONTO, ONTARIO–(Marketwired – Feb. 18, 2015) – Canadian Apartment Properties Real Estate Investment Trust (“CAPREIT”) (TSX:CAR.UN) announced today that it has completed the acquisition of a 126-suite mid-tier apartment property in Edmonton, Alberta for a purchase price (excluding transaction costs) of $31.0 million. The purchase of the property was funded from CAPREIT’s Acquisition and Operating credit facility.
The property, Grandin Tower, is a newly-renovated twelve-storey high rise building located close to Edmonton’s downtown core. It is one-block from the Grandin LRT station, very close to the University of Alberta and Grant MacEwan University, and across the road from a major hospital.
“We are pleased to be further strengthening our Alberta portfolio with this accretive and high-quality acquisition,” commented Thomas Schwartz, President and CEO.
In a related transaction CAPREIT sold four apartment buildings containing 260 mid-tier suites located on Wilson Avenue in the City of Toronto. The sale price was $47.0 million and includes the assumption by the purchaser of approximately $22.9 million in mortgage debt.
As one of Canada’s largest residential landlords, CAPREIT is a growth-oriented investment trust owning interests in 41,824 residential units, comprising 35,540 residential suites and 30 manufactured home communities comprising 6,284 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