TORONTO, ONTARIO--(Marketwire - Aug. 31, 2012) - Canadian Apartment Properties Real Estate Investment Trust ("CAPREIT") (TSX:CAR.UN) announced today that it has completed the acquisition of two apartment properties in Calgary, Alberta totaling 405 residential suites. The purchase price for the two properties was approximately $68.4 million, satisfied by the assumption of existing mortgages of $31.0 million bearing a weighted average interest rate of 3.38% with the balance from CAPREIT's Bridge Facility.
The first property is a high rise mid-tier building with 152 well-appointed one and two-bedroom suites in downtown Calgary. The second property is a low rise mid-tier three-storey building comprised of 253 spacious one, two and three-bedroom apartments, many with fenced yards located in NE Calgary. Both properties are close to public transportation and key amenities.
"We are pleased to be expanding our presence in the strong downtown Calgary market," commented Thomas Schwartz, President and CEO. "We are confident the addition of these two high-quality properties to our growing Western Canadian portfolio will generate increased cash flows as they benefit from our regional management infrastructure and our proven property management programs."
CAPREIT owns interests in multi-unit residential rental properties, including apartments, townhomes and manufactured home communities located in and near major urban centres across Canada. CAPREIT has owning interests in 36,683 residential units, comprised of 33,313 residential suites and 14 manufactured home communities ("MHC") comprising 3,370 land lease sites. 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.