TORONTO, Aug. 30, 2019 (GLOBE NEWSWIRE) -- Canadian Apartment Properties Real Estate Investment Trust (“CAPREIT”) (CAR-UN.TO) announced today that it has completed the acquisition of a portfolio of two apartment complexes in London, Ontario and one apartment complex in Sarnia, Ontario totaling 553 residential suites. Occupancy for the total portfolio currently stands at 98.7%. CAPREIT paid $68.8 million for the portfolio, funded by its Acquisition and Operating credit facility, which will subsequently be partially repaid by new CMHC-insured mortgages.
The London properties consist of a mix of townhomes, low rise, high-rise and walk-up apartment buildings containing well-appointed bachelor, one, two and three-bedroom suites. Both properties are well located close to schools, shopping, banks and transit. Amenities include on-site laundry, parking and a seasonal swimming pool at each property. The Sarnia property is a multi-building complex made up of three and six-storey apartments close to downtown and the Bluewater Bridge providing access to Detroit, Michigan. Nearby services include shopping, schools, parks and other conveniences. The buildings feature storage space for each suite, laundry facilities and outdoor parking. The new properties will be managed by CAPREIT’s existing regional office, driving further economies of scale and cost efficiencies.
CAPREIT also announced today the acquisition of a brand new four-storey apartment building in Charlottetown, Prince Edward Island containing 42 luxury suites. Occupancy for the property currently stands at 100%. CAPREIT paid $7.2 million for the property funded by its Acquisition and Operating credit facility. The property is situated near the North River and close to downtown and the Trans-Canada highway. Each suite is professionally designed with high ceilings, laminated floors, quartz counter tops, and equipped with washer/dryers and stainless-steel appliances.
“We are pleased to be expanding our presence in Western Ontario, a highly stable market with continuing strong demand for quality rental accommodation. We are also confident we can add significant value to these assets through our proven property management and capital investment programs,” commented Mark Kenney, President and CEO. “The Charlottetown purchase is another example of how we are modernizing our overall portfolio with the acquisition of new and recently built properties that meet the demands of today’s resident while reducing our future overall capital expenditures.”
As one of Canada’s largest residential landlords, CAPREIT is a growth-oriented investment trust managing 62,645 suites and sites across Canada, the Netherlands and Ireland. It owns 59,023 residential units, comprising of 47,346 residential suites and 72 manufactured home communities comprising 11,677 land leases sites located in and near major urban centres across Canada and The Netherlands. 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