CAPREIT Sells Three Non-Core Quebec City Properties
TORONTO, Dec. 12, 2018 (GLOBE NEWSWIRE) — Canadian Apartment Properties Real Estate Investment Trust (“CAPREIT”) (TSX:CAR.UN) announced today that it has sold three non-core properties in Quebec City totaling 217 suites. The properties will sell for a total price of $24.9 million, the proceeds of which will be used to repay mortgages on the properties totaling $10.2 million with the balance used to reduce debt.
“Our Quebec market continues to perform well. However, our investments in these three properties over the last sixteen years of ownership have maximized their value, and we will invest the proceeds from the sale into more accretive growth opportunities in the quarters ahead,” commented Mark Kenney, President and Chief Operating Officer.
As one of Canada’s largest residential landlords, CAPREIT is a growth-oriented investment trust owning interests in 51,526 residential units, comprising 44,934 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. Mark Kenney
President & COO
Mr. Scott Cryer
Chief Financial Officer