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

Canadian Apartment Properties Real Estate Investment Trust

December 27, 2006 18:07 ET

CAP REIT Acquires Toronto Apartment Complex

TORONTO, ONTARIO--(CCNMatthews - Dec. 27, 2006) - Canadian Apartment Properties Real Estate Investment Trust ("CAP REIT")(TSX:CAR.UN) announced today that it had acquired a complex consisting of eight three-storey mid-tier apartment buildings situated in the popular "Beach" neighbourhood on Queen Street East in Toronto. The complex, containing a total of 136 suites, is close to schools, churches, community and commercial amenities, and is in excellent condition. The buildings are close to other CAP REIT properties providing the opportunity to generate operating synergies and economies of scale. The purchase price of $14.0 million was satisfied by $10.8 million of new mortgage financing for a term of 10 years at an interest rate of 4.45% and the balance from the Acquisition Facility.

"Our objective is to generate prudent and accretive growth, targeting acquisition opportunities that will add value for our Unitholders over time," commented Thomas Schwartz, President and Chief Executive Officer. "The transactions completed so far this year will provide a solid increase in cash flow going forward while enhancing the value of our total property portfolio."

As one of Canada's largest residential landlords, CAP REIT (TSX:CAR.UN) is a growth oriented investment trust owning interests in 26,498 residential suites located in major urban centres from coast to coast. Since its Initial Public Offering in May 1997, CAP REIT has grown monthly cash 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.

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