TORONTO, ONTARIO--(Marketwire - Jan. 31, 2013) - Canadian Apartment Properties Real Estate Investment Trust ("CAPREIT") (TSX:CAR.UN) announced today that it has completed the acquisition of a mid-tier apartment complex in Calgary, Alberta consisting of six three-story buildings totaling 263 residential suites. The purchase price of $47.3 million was satisfied by the assumption of an existing $7.2 million mortgage bearing interest at 6.95% maturing in October 2017, with the balance funded from CAPREIT's Acquisition and Operating Facility.
The property complex is located in the heart of downtown Calgary next to the Beaver Dam Flats neighbourhood and is close to parks, schools, walking and cycling paths and transportation links.
"This is our first acquisition of the new year following record portfolio growth in 2012," commented Thomas Schwartz, President and CEO. "We are pleased to add this quality property to our growing Calgary portfolio, and expect cash flows from the property will increase as we benefit from economies of scale and our proven property management and procurement programs."
As one of Canada's largest residential landlords, CAPREIT is a growth-oriented investment trust owning interests in 37,488 residential units, comprising 34,118 residential suites and 14 manufactured home communities ("MHC") comprising 3,370 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.
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.