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

Canadian Apartment Properties Real Estate Investment Trust

May 02, 2008 17:32 ET

CAP REIT Enhances Presence in Western Canada

TORONTO, ONTARIO--(Marketwire - May 2, 2008) - Canadian Apartment Properties Real Estate Investment Trust ("CAP REIT") (TSX:CAR.UN) announced today that it had acquired an apartment complex located in Richmond, British Columbia totaling 174 suites. The property is close to transportation, shopping centers, schools, a library and a new sports complex. It is also a short walk from the popular Richmond City Centre and close to our Mortfield Road properties. The purchase price of $23.0 million was funded by the assumption of an existing mortgage of $5.8 million, maturing in 2016, at an interest rate of 4.6%, new mortgage financing of $6.8 million maturing in 2013 at 4.45% and the balance from the Acquisition Facility. The properties are 99.4% occupied, with current rents below market in the area.

"We are pleased to be enhancing our presence in the strong British Columbia rental market. Richmond has become one of the fastest growing cities in the Greater Vancouver Region, and we see a significant opportunity to enhance cash flows from these new properties as we bring rents closer to market on renewal and turnover. Looking ahead, we remain committed to achieving our annual target of acquiring between 1,500 and 2,000 suites once again in 2008," 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 26,540 residential suites and two land lease communities comprising 1,258 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 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.

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