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TORONTO, ONTARIO--(Marketwired - Jan 20, 2016) - Canadian Apartment Properties Real Estate Investment Trust ("CAPREIT") (TSX:CAR.UN) announced today that it has completed the acquisition of a portfolio of six apartment and townhome properties well located in London, Ontario totaling 670 rental suites. The purchase price (excluding transaction costs) of approximately $52.0 million was funded with cash from CAPREIT's Acquisition and Operating credit facility.
The six properties contain a mix of bachelor, one and two bedroom suites, most with popular amenities such as swimming pools, laundry facilities, and ample parking. The buildings are located close to public transportation, shopping and schools, including the University of Western Ontario. Occupancy in the portfolio stood at 97% at closing.
"We are very pleased to expand our presence in the strong and vibrant London market," commented Thomas Schwartz, President and CEO. "The new properties are situated close to each other and our existing London portfolio, ensuring we can integrate the buildings into our local property management systems quickly and efficiently with no incremental increase in cost."
As one of Canada's largest residential landlords, CAPREIT is a growth-oriented investment trust owning interests in 47,460 residential units, comprising 41,171 residential suites and 30 manufactured home communities comprising 6,289 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