The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Globe Investor

News Sources

Take control of your investments with the latest investing news and analysis

Press release from Marketwire

CAPREIT Acquires Apartment Portfolio in Calgary Alberta

Friday, May 31, 2013

CAPREIT Acquires Apartment Portfolio in Calgary Alberta

17:00 EDT Friday, May 31, 2013

TORONTO, ONTARIO--(Marketwired - May 31, 2013) - Canadian Apartment Properties Real Estate Investment Trust ("CAPREIT") (TSX:CAR.UN) announced today that it has completed the acquisition of a luxury apartment portfolio in Calgary, Alberta, consisting of three mid-rise buildings totaling 114 residential suites and three commercial units. The purchase price for the property was approximately $25.3 million, satisfied by the assumption of existing mortgages of approximately $11.1 million bearing an effective weighted average interest rate at 4.24% and weighted average term to maturity of 1.6 years, with the balance funded from CAPREIT's Acquisition and Operating credit facility.

The property is located in downtown Calgary and is close to all major services including shopping, restaurants, parks, libraries and Calgary's LRT transit system.

"We continue to grow our Calgary portfolio by purchasing properties close to our existing portfolio and leveraging our management presence in the city to capture cost synergies and economies of scale," commented Thomas Schwartz, President and CEO.


As one of Canada's largest residential landlords, CAPREIT is a growth-oriented investment trust owning interests in 37,998 residential units, comprising 34,628 residential suites and 14 manufactured home communities comprising 3,370 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 and our public disclosure, which can be found under our profile at


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


Contact Information:
Mr. Michael Stein
(416) 861-5788

Mr. Thomas Schwartz
President & CEO
(416) 861-9404

Mr. Scott Cryer
Chief Financial Officer
(416) 861-5771

  • The Globe and Mail Newspaper

    Newspaper delivered to your doorstep. subscribe

  • Globe Unlimited

    Digital all access pass across devices. subscribe

  • The Globe and Mail App

    The New Globe and Mail App for iPhone®, iPad® and Apple Watch download

  • Globe2Go

    The digital replica of our newspaper. subscribe

  • Globe eBooks

    A collection of articles by the Globe. subscribe

See all Globe Products

Advertise with us

Your number one partner for reaching Canada's Influential Achievers. learn more

The Globe at your Workplace
Our Company
Secure Service
Customer Service
Advertising Privacy
Globe Recognition
Mobile Apps
Other Sections