CAPREIT Completes Major Acquisition in Halifax, Nova Scotia
TORONTO, Feb. 10, 2020 (GLOBE NEWSWIRE) — Canadian Apartment Properties Real Estate Investment Trust (“CAPREIT”) (TSX:CAR.UN) announced today that it has completed the previously-announced purchase of a portfolio of eight properties containing fourteen apartment buildings totaling 1,503 rental suites well-located throughout the downtown core and surrounding metro area of Halifax, Nova Scotia. The acquisition represents a significant percentage of all primary rental housing on the Halifax peninsula. Occupancy for the total portfolio is currently 99.1%.
CAPREIT paid approximately $391 million for the portfolio, satisfied by the assumption of approximately $109.0 million in mortgages with a weighted average interest rate of 1.94% and a weighted average term to maturity of 1.14 years, with the balance in cash from its December equity offering and Acquisition and Operating credit facility.“We are very pleased to increase the size and scale of our Halifax portfolio,” commented Mark Kenney, President and CEO. “With the completion of this transaction, our Halifax portfolio has grown significantly to over 3,100 rental suites, transforming CAPREIT into one of the City’s largest providers of quality rental accommodation.”A Media Snippet accompanying this announcement is available by clicking on the image or link below: