TORONTO, Dec. 01, 2017 (GLOBE NEWSWIRE) -- Canadian Apartment Properties Real Estate Investment Trust (“CAPREIT”) (TSX:CAR.UN) announced today that it has completed the previously-announced acquisition of a portfolio of eleven properties in the Netherlands totaling 540 residential suites. The purchase price of €82.6 million for the portfolio satisfied by a new €49.9 million five-year mortgage bearing an interest rate of 1.4% with the balance in cash from CAPREIT’s Acquisition and Operating Credit Facility.
CAPREIT also announced today that effective November 24, 2017, it has increased its Acquisition and Operating Credit Facility by $100 million to $540 million under the same terms and conditions in order to facilitate the above-mentioned acquisition.
In addition, CAPREIT acquired the Malpeque Executive Suites, two low-rise luxury apartment buildings containing 56 residential suites in Summerside, Prince Edward Island on November 27, 2017 and Garden Townhomes, a 16 unit townhouse complex in Summerside, Prince Edward Island on November 17, 2017. The aggregate purchase price of the acquisitions of $9.9 million, was financed with CAPREIT’s Acquisition and Operating Credit Facility.
“We continue to add high-quality properties to our existing Netherlands portfolio which will be highly accretive to our cash flows,” stated David Ehrlich, President and CEO. “We are also pleased to be expanding our PEI portfolio in one of Canada’s most stable rental markets capturing increased cost efficiencies and economies of scale.”
ABOUT CAPREIT
As one of Canada's largest residential landlords, CAPREIT is a growth-oriented investment trust owning interests in 50,620 residential units, comprising 44,165 residential suites and 31 manufactured home communities comprising 6,455 land lease sites located in and near major urban centres across Canada and the Netherlands. 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.
For more information, please contact:
| CAPREIT Mr. Michael Stein Chairman (416) 861-5788 | CAPREIT Mr. David Ehrlich President & CEO (416) 861-9404 | CAPREIT Mr. Scott Cryer Chief Financial Officer (416) 861-5771 |