CAPREIT Grows Presence in Strong MHC Business
TORONTO, July 05, 2021 (GLOBE NEWSWIRE) — Canadian Apartment Properties Real Estate Investment Trust (“CAPREIT”) (TSX:CAR.UN) announced today that it has completed the acquisition of two manufactured housing community (“MHC”) properties containing 342 sites in the town of Lakeshore close to Windsor, Ontario. CAPREIT paid approximately $20.6 million for the two properties, funded by cash and the assumption of a $8.6 million mortgage maturing in October 2025. There were only two vacant sites in one of the properties at closing.
Both properties are close to Lake St. Clair and have close economic ties to Windsor, Ontario with a short 15-minute drive to the city and the US border. Both properties have well-established infrastructure and are located along major transportation arteries.
“We continue to grow our presence in the strong MHC business, a sector that provides Unitholders with solid, lower risk and accretive returns,” commented Mark Kenney, President and CEO. “Revenues are highly stable, and with residents owning their own homes, capital requirements and maintenance needs are significantly reduced. In addition, with home ownership costs rising significantly across the country, MHCs provide a real alternative to families and seniors looking for a more affordable place to live.”
CAPREIT is Canada’s largest publicly-traded provider of quality rental housing. CAPREIT currently owns or has interests in approximately 69,600 residential apartment suites, townhomes and manufactured housing community sites well-located across Canada, in the Netherlands and Ireland. For more information about CAPREIT, its business and its investment highlights, please visit 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. Mark Kenney
President & CEO
Mr. Scott Cryer
Chief Financial Officer