TORONTO, ONTARIO -- (Marketwired) -- 09/30/14 -- Canadian Apartment Properties Real Estate Investment Trust ("CAPREIT") (TSX: CAR.UN) announced today that it has completed the acquisition of a 126-suite mid-tier apartment property in Regina, Saskatchewan The property consists of six three-level multi-family buildings, the majority two-bedroom suites, located in close proximity to CAPREIT's current Regina portfolio and near major shopping, transit, schools and parks.
The purchase price for the property was approximately $17.0 million, satisfied by the assumption of an existing $8.4 million mortgage bearing a stated interest rate at 3.05% and term to maturity of 8.9 years, with the remaining amount funded from CAPREIT's Acquisition and Operating credit facility.
"One of our key goals in growing our portfolio is to acquire properties that are close to our existing buildings in order that they can benefit from our proven property management programs," commented Thomas Schwartz, President and CEO. "With this acquisition, our Regina portfolio increases to 234 apartment suites, sufficient critical mass for all of these properties to generate further increases in cash flow through enhanced operating synergies and economies of scale."
ABOUT CAPREIT
CAPREIT owns interests in multi-unit residential rental properties, including apartments, townhomes and manufactured home communities primarily located in and near major urban centres across Canada. As at September 30, 2014, CAPREIT had owning interests in 41,555 residential units, comprised of 35,373 residential suites and 29 manufactured home communities ("MHC") comprising 6,182 land lease sites. For more information about CAPREIT, its business and its investment highlights, please refer to our website at 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.
Contacts:
CAPREIT
Mr. Michael Stein
Chairman
(416) 861-5788
CAPREIT
Mr. Thomas Schwartz
President & CEO
(416) 861-9404
CAPREIT
Mr. Scott Cryer
Chief Financial Officer
(416) 861-5771
www.capreit.net
