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

Canadian Apartment Properties Real Estate Investment Trust

May 15, 2013 17:12 ET

CAPREIT Acquires Unique Lakeshore Apartment Portfolio in West Toronto

TORONTO, ONTARIO--(Marketwired - May 15, 2013) - Canadian Apartment Properties Real Estate Investment Trust ("CAPREIT") (TSX:CAR.UN) announced today that it has acquired a unique mid-tier portfolio of multi-residential buildings totaling 396 suites and one commercial unit located on the shores of Lake Ontario in the west end of the City of Toronto. The purchase price of approximately $56.2 million will be satisfied by a new $26.2 million six-year mortgage, and the balance funded from CAPREIT's Acquisition and Operating credit facility.

Situated at the foot of Royal York Road, the portfolio provides convenient and easy access to the downtown Toronto core via Lake Shore Boulevard, the Gardiner Expressway and the TTC. The property offers scenic waterfront views and is close to shopping, schools, the city's new Waterfront Trail, parks and beaches. The portfolio presents a significant opportunity to increase rents over time as the buildings are re-positioned and upgraded. Situated on 8.6 acres of land, current zoning allows for an additional 82,000 square feet of residential density on the site.

"We are very pleased to add this unique and high value property to our growing Greater Toronto Area portfolio," commented Thomas Schwartz, President and CEO. "The property is a top-performing asset with strong and growing cash flows, as well as a significant redevelopment opportunity to intensify and expand the site in the future."

About CAPREIT

As one of Canada's largest residential landlords, CAPREIT is a growth-oriented investment trust owning interests in 37,884 residential units, comprising 34,514 residential suites and 14 manufactured home communities comprising 3,370 land lease sites located in and near major urban centres across Canada. For more information about CAPREIT, its business and its investment highlights, please refer to our website at www.capreit.net and our public disclosure, which can be found under our profile at www.sedar.com.

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.

Contact Information

  • Canadian Apartment Properties Real Estate Investment Trust
    Mr. Michael Stein
    Chairman
    (416) 861-5788

    Canadian Apartment Properties Real Estate Investment Trust
    Mr. Thomas Schwartz
    President & CEO
    (416) 861-9404

    Canadian Apartment Properties Real Estate Investment Trust
    Mr. Scott Cryer
    Chief Financial Officer
    (416) 861-5771
    www.capreit.net