CAPREIT Completes Netherlands Acquisition
TORONTO, Dec. 03, 2018 (GLOBE NEWSWIRE) — Canadian Apartment Properties Real Estate Investment Trust (“CAPREIT”) (TSX:CAR.UN) announced today that it has completed the acquisition of a portfolio of 225 single family rental homes and 120 multi-family rental suites in six properties well-located in three urban centres in the Netherlands totaling 345 residential rental suites for a purchase price of €55.0 million.
CAPREIT also announced today that it has completed the previously-announced acquisition of a portfolio of thirteen properties located in twelve urban centres in the Netherlands totaling 536 residential suites for a purchase price of €107.5 million. The portfolio consists of 122 single family rental homes, 414 multi-family rental properties, and one commercial unit.
All the above purchases were funded by CAPREIT’s Acquisition and Operating credit facility. CAPREIT intends to place new local financings in the Netherlands prior to December 31, 2018.
As one of Canada’s largest residential landlords, CAPREIT is a growth-oriented investment trust owning interests in 51,342 residential units, comprising 44,750 residential suites and 32 manufactured home communities comprising 6,592 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.caprent.com or 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 more information, please contact:
Mr. Michael Stein
Mr. David Ehrlich
Chief Executive Officer
Mr. Mark Kenney
President & COO
Mr. Scott Cryer
Chief Financial Officer