Press release from Marketwire
CAPREIT Acquires 770-Suite Portfolio in Victoria, Toronto and Montreal and Sells 604 GTA Suites
Wednesday, August 28, 2013
CAPREIT Acquires 770-Suite Portfolio in Victoria, Toronto and Montreal and Sells 604 GTA Suites17:08 EDT Wednesday, August 28, 2013
TORONTO, ONTARIO--(Marketwired - Aug. 28, 2013) - Canadian Apartment Properties Real Estate Investment Trust ("CAPREIT") (TSX:CAR.UN) announced today that it had acquired a portfolio of ten multi-residential buildings totaling 770 suites and 52,000 square feet of fully-leased commercial space in British Columbia, Toronto and Montréal. CAPREIT paid approximately $153.2 million for the portfolio satisfied by the assumption of existing mortgage debt of $9.5 million with a weighted average interest rate of 3.62%, $50 million in short-term conventional financing and the balance in cash from CAPREIT's Acquisition and Operating credit facility.
The British Columbia portfolio consists of five buildings in Victoria and Saanich totaling 365 apartment suites and includes James Bay Square, one of the city's most sought-after locations surrounded by parks and conveniently close to seaplane and ferry terminals for commuters. The property includes an indoor pool, fitness facilities, sauna and laundry facilities on every floor, and is situated close to trendy restaurants, bistros and cafes. The four buildings in Toronto aggregate 260 apartment suites clustered on the northeast corner of Wilson Avenue and Avenue Road close to the 401 Highway, public transportation, shops, restaurants, schools and parks. The 145-suite Montreal property is situated downtown on Sherbrooke Street East adjacent to Parc Lafontaine and close to schools and public transit. The building includes an indoor pool and an updated security system.
"Following record growth in 2012, with these acquisitions we have purchased 1,543 apartment suites so far this year, already achieving our normal acquisition target," commented Thomas Schwartz, President and CEO. "These new properties further strengthen and diversify our nationwide portfolio and will make a solid and accretive contribution to our cash flows in the quarters ahead."
CAPREIT also announced today that it had sold two Mississauga properties and three Toronto buildings aggregating 604 suites. The sale price was approximately $94.3 million and includes the assumption by the purchaser of approximately $34.8 million in mortgage debt.
As one of Canada's largest residential landlords, CAPREIT is a growth-oriented investment trust owning interests in 38,164 residential units, comprising 34,794 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