TORONTO, Oct. 24, 2017 (GLOBE NEWSWIRE) — Canadian Apartment Properties Real Estate Investment Trust (“CAPREIT”) (TSX:CAR.UN) announced today that it has waived conditions and entered into a binding agreement of purchase and sale to acquire a portfolio of 11 properties with a total of 540 residential suites well located in Rijswijk, Venlo, Venray and 5 surrounding towns throughout the Netherlands. Occupancy in the portfolio currently stands at approximately 98%. The purchase price of approximately €82.6 million is expected to be financed with new mortgage financing of approximately €50 million with a term of approximately 5 years bearing an interest rate of approximately 1.4% (excluding financing costs) and the remaining with a euro-based loan under CAPREIT’s credit facility. Closing of the transaction is expected on or about December 1, 2017.
“As we continue our expansion in the Netherlands, CAPREIT continues to benefit from strong demand on its existing Netherlands portfolio. With our regional office in the Netherlands becoming fully operational, we will execute on our proven and successful property management programs to enhance the customer service experience, drive operational efficiencies, and continue our growth in the country.”
As one of Canada’s largest residential landlords, CAPREIT is a growth-oriented investment trust owning interests in 50,008 residential units, comprising 43,553 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:
Mr. Michael Stein
Mr. Scott Cryer
Chief Financial Officer