CAPREIT Completes Western Ontario Acquisitions
TORONTO, Sept. 21, 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 two properties in London and Sarnia, Ontario aggregating 301 residential suites. CAPREIT paid $50.0 million for the two properties, funded by CAPREIT’s cash and cash equivalents.
The London property is a six-storey apartment building located in Southwest London containing a mix of 107 bachelor, one and two-bedroom suites. Located within a short walk of the Thames River, the property is close to a shopping mall, public gardens and other amenities, as well as local transport and access to major thoroughfares.The Sarnia property consists of a ten-storey apartment building, a three-storey apartment building and 60 townhomes totaling 194 residential suites, as well as one commercial unit. The property is located in a pleasant low-density residential neighbourhood close to schools, parks, public transit and highways. Amenities include park-like landscaped grounds and a seasonal swimming pool.“We have increased our presence in these strong Ontario markets and anticipate solid returns on investment as operating synergies and economies of scale are achieved,” commented Mark Kenney, President and CEO.A Media Snippet accompanying this announcement is available by clicking on the image or link below: