TORONTO, Nov. 01, 2019 (GLOBE NEWSWIRE) -- Canadian Apartment Properties Real Estate Investment Trust (“CAPREIT”) (CAR-UN.TO) announced today that yesterday it has completed the acquisition of a one-third interest in the 506 luxurious, brand-new rental suites that form part of the mixed-use development on King Street West in downtown Toronto (Kings Club). As previously disclosed, CAREIT entered into an agreement in July 2015 to acquire its 1/3 interest in the residential component of the development for approximately $60 million, with closing on substantial completion of construction of the property. CAPREIT has also been granted the property management contract for the entire residential component of the development.
The towers range across a number of sizes with some designed for families. The three residential towers contain 506 rental suites which are located over approximately 160,000 square feet of commercial and retail space that will includes a high-end grocery store, a Canadian Tire location and other retailers, as well as 10,000 square feet of office space.
“We are very pleased to be adding our interest in this luxury, high-end apartment property to our portfolio, another example of how we are modernizing and enhancing the value of our asset base with the purchase of new and recently-constructed properties in strong and growing urban markets,” commented Mark Kenney, President and CEO.
As one of Canada's largest residential landlords, CAPREIT is a growth-oriented investment trust managing 63,868 suites and sites across Canada, the Netherlands and Ireland. It owns interests, directly in Canada, and indirectly in the Netherlands through its investment in ERES, a total of 60,202 residential units, comprising 48,525 residential suites and 72 manufactured home communities comprising 11,677 sites, all located in and near major urban centres. 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