Canadian Apartment Properties Real Estate Investment Trust
TSX : CAR.UN

Canadian Apartment Properties Real Estate Investment Trust

November 07, 2007 09:18 ET

Canadian Apartment Properties Real Estate Investment Trust Announces Closing of $99.8 MM Unit Financing

TORONTO, ONTARIO--(Marketwire - Nov. 7, 2007) -

NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES

Canadian Apartment Properties Real Estate Investment Trust ("CAP REIT") (TSX:CAR.UN) of Toronto, Ontario announced today that it has closed its previously announced issue and sale of 5,350,000 Units for $18.65 per Unit for aggregate gross proceeds of $99,777,500 to a syndicate of underwriters led by RBC Capital Markets. Subscribers of Units under this offering will be eligible to receive the November monthly distribution from CAP REIT.

As one of Canada's largest residential landlords, CAP REIT (TSX:CAR.UN.) is a growth-oriented investment trust owning interests in 27,853 residential suites and two land lease communities comprising 1,233 land lease sites located in or near major urban centres from coast to coast. Since its Initial Public Offering in May 1997, CAP REIT has grown monthly distributions per Unit by 51%. For more information about CAP REIT, its business and its investment highlights, please refer to our web site at www.capreit.net.

All statements in this press release that do not relate to historical facts constitute forward-looking statements. These statements represent CAP REIT'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.

Contact Information

  • CAP REIT
    Mr. Michael Stein
    Chairman
    (416) 861-5788
    or
    CAP REIT
    Mr. Thomas Schwartz
    President & CEO
    (416) 861-9404
    or
    CAP REIT
    Mr. Yazdi Bharucha
    CFO & Secretary
    (416) 861-5771
    Website: www.capreit.net