TORONTO, March 07, 2022 (GLOBE NEWSWIRE) — Canadian Apartment Properties Real Estate Investment Trust (“CAPREIT”) (TSX:CAR.UN) announced today that it has completed the purchase of a six-property luxury portfolio of modern, recently-constructed apartment buildings in Montréal, Laval, Côte Saint-Luc and Saint Hyacinthe, Québec. The portfolio totals 516 residential suites including 44 bachelor, 236 one-bedroom, 211 two-bedroom and 25 three-bedroom apartments as well as three commercial units. The properties, built between 2017 and 2021, were acquired for $281.0 million, funded by CAPREIT’s Acquisition and Operating Facility and the assumption of $55.5 million in mortgages with a weighted average interest rate of 2.75% and 6.5-year term to maturity.
The suites range between 687 square feet and 1,056 square feet in size and include modern designs with open-concept kitchens, quartz countertops, stainless steel appliances and private terraces. Resident amenities include gyms, outdoor pools terraces and rooftop patios. The properties are close to shopping, transit, parks, recreational facilities, and schools. There is currently an active lease up program for these properties.
“This acquisition fits perfectly with our asset allocation strategy to enhance the average age and quality of our portfolio while adding large and well-appointed luxury suites in demand by today’s discerning market,” commented Mark Kenney, President and CEO. “Additionally, the new energy-efficient heating, air conditioning and lighting systems, low-flow bathroom fixtures, electric vehicle charging stations and resident self-metering all meet our goal of improving our environmental performance and long-term sustainability.”
VICTORIA B.C. ACQUISITION
CAPREIT also announced today that on February 25, 2022, it had acquired a 24-suite apartment property in Victoria, British Columbia for approximately $7.2 million in cash. The property, 100% occupied, is located in the James Bay neighbourhood close to downtown Victoria with easy access to shopping, libraries, and local attractions including the Royal BC Museum and the B.C. Parliament House.
ABOUT CAPREIT
CAPREIT is Canada’s largest publicly-traded provider of quality rental housing. CAPREIT currently owns or has interests in approximately 67,000 residential apartment suites, townhomes and manufactured housing community sites well-located across Canada and the Netherlands with approximately $17 billion of assets under management globally. For more information about CAPREIT, its business and its investment highlights, please visit our website at www.capreit.ca 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:
| CAPREIT Mr. Michael Stein Chairman (416) 861-5788 |
CAPREIT Mr. Mark Kenney President & CEO (416) 861-9404 |
