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

Canadian Apartment Properties Real Estate Investment Trust

September 06, 2005 08:56 ET

CAP REIT Completes Montreal Acquisition

TORONTO, ONTARIO--(CCNMatthews - Sept. 6, 2005) - Canadian Apartment Properties Real Estate Investment Trust ("CAP REIT")(TSX:CAR.UN) announced today that it had completed the acquisition of a portfolio of 1,431 residential suites in the mid-tier category in 34 buildings situated in the greater Montreal and South Shore area. The total purchase price was approximately $80 million (including acquisition costs and land transfer tax of approximately $1.7 million), with $52.1 million of five to seven year mortgages placed on the properties at closing. The balance of the purchase price was satisfied with cash, including a portion of the $60.1 million net proceeds from a successful bought deal offering of 4.1 million Units completed on August 4, 2005.

With the completion of this acquisition, and the purchase of a 78 suite property in Quebec City completed in June 2005, CAP REIT's portfolio in the Province of Quebec now comprises 4,213 suites, or 16.4% of the total portfolio.

"We are pleased to be increasing our presence in the strong Montreal and Quebec City rental markets, and look to further enhancing the geographic diversification of our portfolio through additional acquisitions going forward," commented Thomas Schwartz, President and Chief Executive Officer.

As one of Canada's largest residential landlords, CAP REIT (TSX - CAR.UN) is a growth-oriented investment trust owning interests in 25,643 residential suites located in major urban centres from coast to coast across the country. 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
    Executive 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