Northview Apartment REIT Completes Previously Announced $132 Million Strategic Acquisition in Ontario
CALGARY, Alberta, Jan. 02, 2019 (GLOBE NEWSWIRE) — Northview Apartment Real Estate Investment Trust (“Northview”) (NVU.UN – TSX) announced it has closed the acquisition of an 81 unit property in Guelph, Ontario in late December 2018. The property was acquired from affiliates of Starlight Group Property Holdings Inc. This completes the $131.9 million strategic acquisition, previously announced on November 26, 2018, of six apartment properties representing a weighted average capitalization rate of 4.2%.
Todd Cook, President and CEO, commented, “We are pleased to complete the recently announced strategic acquisition, increasing our high-quality portfolio to nearly 27,000 units. With opportunities identified in the acquisition and our proven success in generating net asset value growth from recent transactions, we continue to create value for our Unitholders.”
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