CAPREIT Completes Major Acquisition in Halifax
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.”
Canadian Apartment Properties REIT (“CAPREIT”) is one of Canada’s largest real estate investment trusts managing over 65,000 residential rental apartment and townhouse suites and manufactured home community sites in major urban centres across Canada, the Netherlands, and Ireland. 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 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