Northview Apartment REIT Announces Closing of Strategic Acquisition in Ontario
CALGARY, Alberta, Dec. 06, 2018 (GLOBE NEWSWIRE) — Northview Apartment Real Estate Investment Trust (“Northview”) (NVU.UN – TSX) announced today it has closed the acquisition of a 563 unit portfolio of five apartment properties from independent vendors in Toronto and London, Ontario. The acquisition of these properties, along with an 81 unit property in Guelph, Ontario, was previously announced on November 26, 2018. The remaining property in Guelph is being acquired from affiliates of Starlight Group Property Holdings Inc. and is expected to close before the end of December 2018. The aggregate purchase price of the six acquisition properties is $131.9 million (excluding closing costs), representing a weighted average capitalization rate of 4.2%.
Todd Cook, President and CEO, commented, “We are pleased to have completed a portion of the previously announced strategic acquisition further strengthening our presence in Ontario and expanding opportunities for our high-end renovation program in strong and growing markets.”
Northview is one of Canada’s largest publicly traded multi-family REITs with a portfolio of approximately 27,000 quality residential suites and 1.2 million square feet of commercial space in more than 60 markets across eight provinces and two territories. Northview’s well-diversified portfolio includes markets characterized by expanding populations and growing economies, which provides Northview the means to deliver stable and growing profitability and distributions to Unitholders of Northview over time. Northview currently trades on the TSX under the ticker symbol: NVU.UN. Additional information concerning Northview is available at www.sedar.com or www.northviewreit.com.
Northview Apartment Real Estate Investment Trust
Mr. Todd Cook
President and Chief Executive Officer
Mr. Travis Beatty
Chief Financial Officer
Mr. Leslie Veiner
Chief Operating Officer