Wed, January 4, 2012
Tue, January 3, 2012
Mon, January 2, 2012
Sat, December 31, 2011
Fri, December 30, 2011
Thu, December 29, 2011
Wed, December 28, 2011
Tue, December 27, 2011
[ Tue, Dec 27th 2011 ]: Market Wire
EGM 8 February 2012
Mon, December 26, 2011
Fri, December 23, 2011
Thu, December 22, 2011
Wed, December 21, 2011

CAPREIT Acquires Luxury Montreal Apartment Property

  Copy link into your clipboard //business-finance.news-articles.net/content/201 .. acquires-luxury-montreal-apartment-property.html
  Print publication without navigation Published in Business and Finance on by Market Wire
          🞛 This publication is a summary or evaluation of another publication

December 28, 2011 14:45 ET

CAPREIT Acquires Luxury Montreal Apartment Property

TORONTO, ONTARIO--(Marketwire - Dec. 28, 2011) - Canadian Apartment Properties Real Estate Investment Trust ("CAPREIT") (TSX:CAR.UN) announced today that it had completed the acquisition of a 185-suite, 6-storey, luxury apartment building in Montréal, Québec. The property includes an indoor swimming pool pavilion, a fully-equipped gym and a two-level underground parking garage as well as outdoor parking. Located between the Town of Mount Royal and the Borough of Outremont, this well-maintained building is within 5km of downtown Montréal, close to hospitals, schools, transportation, shopping and the Mount Royal Park.

The purchase price of approximately $30.8 million was satisfied with a new ten-year mortgage of approximately $15.1 million maturing in December 2021 with an interest rate of 3.30% and the balance from CAPREIT's Acquisition and Operating Facility. Occupancy for the past two years has been very strong at over 99%.

"We are very pleased to be expanding our presence in the Montréal luxury market with this premium acquisition," commented Thomas Schwartz, President and CEO. "We have acquired 2,652 residential suites in 2011 making it one of our best acquisition years ever. In addition to the acquisitions completed earlier this year, this new Montréal property will enhance our existing portfolio and leverages the experienced management infrastructure already in place."

As one of Canada's largest residential landlords, CAPREIT is a growth-oriented investment trust owning interests in 31,014 residential units, comprising 29,681 residential suites and two manufactured home communities comprising 1,333 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.capreit.net ] and our public disclosure, which can be found under our profile at [ www.sedar.com ].