TORONTO, ONTARIO–(Marketwired – June 30, 2015) – Canadian Apartment Properties Real Estate Investment Trust (“CAPREIT”) (TSX:CAR.UN) announced today that it has completed the acquisition of apartment properties in Victoria and Langley, British Columbia totaling 140 suites for an aggregate purchase (excluding transaction costs) of approximately $18.1 million. The purchases were funded with CAPREIT’s Acquisition and Operating credit facility. All properties being acquired are free and clear of mortgage debt.
The Victoria property is a 32-suite two-storey building located at 3820 Shelbourne Street, one of Victoria’s major retail-commercial north-south thoroughfares. It is close to downtown and five blocks from the University of Victoria, and within walking distance of retail stores, banks, cafes, restaurants, a grocery store, movie theatres, health services, parks and recreational facilities. The property is currently 88% occupied and was acquired June 15, 2015.
The Langley portfolio consists of two buildings, each with 54 one and two bedroom suites, well-situated close to downtown. Branded The Brighton and The Claymore, both are three-storey freestanding buildings over extensive parking facilities. Both properties were constructed in 1980, and have an aggregate 93% occupancy. The acquisition closed on June 30, 2015.
“British Columbia remains one of Canada’s strongest rental markets, and we are pleased to be enhancing our presence and building on our critical mass in the region with these accretive acquisitions,” commented Thomas Schwartz, President and CEO.
As one of Canada’s largest residential landlords, CAPREIT is a growth-oriented investment trust owning interests in 41,979 residential units, comprising 35,694 residential suites and 30 manufactured home communities comprising 6,285 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.
Mr. Michael Stein
Mr. Thomas Schwartz
President & CEO
Mr. Scott Cryer
Chief Financial Officer