CANADIAN APARTMENT PROPERTIES REAL ESTATE INVESTMENT TRUST TORONTO, Dec. 02, 2020 (GLOBE NEWSWIRE) -- Canadian Apartment Properties Real Estate Investment Trust (“CAPREIT”) (TSX:CAR.UN) announced today that it has purchased a recently constructed apartment building containing 38 suites in Bedford, a suburb of Halifax, Nova Scotia. CAPREIT paid $11.9 million for the property financed by cash.
Completed in July 2020, The Madison’s suites are all large two-bedroom units featuring wide plank flooring, stainless steel appliances, quartz countertops and large walk-in closets. Close to grocery stores, pharmacies, restaurants and banks, amenities include a spacious modern common room, 59 parking spaces with a car wash bay, and a fully-equipped fitness facility. Each suite is individually metered for power. Occupancy currently stands at 97.4%.
“We are pleased with the addition of this high-quality acquisition and continue to increase our presence in the very strong Halifax market,” commented Mark Kenney, President and CEO. “Combined with our large portfolio acquisition last year, we are among the largest providers of high-quality rental accommodation in the region.”
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ABOUT CAPREIT
As Canada’s largest publicly-traded provider of quality rental housing, CAPREIT currently owns or has interests in approximately 67,400 residential apartment suites, townhomes and manufactured housing community sites well-located across Canada, in the Netherlands and Ireland. For more information about CAPREIT, its business and its investment highlights, please visit our website at www.caprent.com or www.capreit.net.
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. Mark Kenney President & CEO (416) 861-9404 | CAPREIT Mr. Scott Cryer Chief Financial Officer (416) 861-5771 |
