TORONTO, Oct. 15, 2019 (GLOBE NEWSWIRE) -- Canadian Apartment Properties Real Estate Investment Trust (“CAPREIT”) (CAR-UN.TO) announced today that it has completed the acquisition of a four-storey waterfront apartment property in Summerside, Prince Edward Island. Occupancy for the property currently stands at 100%. CAPREIT paid approximately $11.6 million for the property, funded by its Acquisition and Operating credit facility.
Constructed in 2017 and fully leased in 2018, “The Tides” contains 64 luxury, professionally-designed suites each featuring stainless steel appliances, a washer / dryer and a patio. Located on the shores of the Northumberland Strait and close to other CAPREIT assets, the property is within walking distance of downtown Summerside’s grocery stores, shops and restaurants, and next to a boardwalk connecting the property to the water and a bike path.
“This acquisition enhances our presence in the strong PEI market, and is another example of how we are strengthening and modernizing our overall property portfolio with the purchase of newer and more attractive properties demanded by today’s tenants,” commented Mark Kenney, President and CEO.
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As one of Canada's largest residential landlords, CAPREIT is a growth-oriented investment trust managing 63,542 suites and sites across Canada, the Netherlands and Ireland. It owns directly in Canada and indirectly in Netherlands through its investment in ERES a total of 59,908 residential units, comprising 48,231 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