Press release from Marketwire
CAPREIT Acquires Apartment Portfolio in Calgary Alberta
Friday, May 31, 2013
CAPREIT Acquires Apartment Portfolio in Calgary Alberta17:00 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 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 FURTHER INFORMATION PLEASE CONTACT:
Mr. Michael Stein
Mr. Thomas Schwartz
President & CEO
Mr. Scott Cryer
Chief Financial Officer