TORONTO, ONTARIO--(Marketwired - June 30, 2016) - Canadian Apartment Properties Real Estate Investment Trust ("CAPREIT") (TSX:CAR.UN) announced today that it has completed the acquisition of a five-property portfolio of modern luxury townhome properties well-located in Ottawa, Ontario totaling 850 rental units. CAPREIT paid approximately $180.3 million for the portfolio, financed by the assumption of a $24.6 million mortgage maturing in November 2022 with a 3.96% interest rate, new CMHC insured 10 year mortgage financings aggregating to $106.1 million with a weighted average interest rate of 2.38% and the balance in cash from CAPREIT's Acquisition and Operating credit facility. The portfolio is currently 96% occupied.
In addition, CAPREIT has amended its Credit Facilities which increased to $505.0 million and added an additional lender in the syndicate. The Credit Facilities includes the amended $440.0 million Acquisition and Operating Facility and the existing $65.0 million five-year non-revolving term credit facility which have substantially similar terms as the previous agreement.
Forestview, completed in 2007, contains 208 townhome units situated on 10 acres in the highly desirable and affluent Orleans-Chapel Hill neighborhood in east Ottawa with easy access to schools, shopping, and a variety of parks, walking and biking trails. On-site amenities include a club house recreation centre, fitness facility, and salt water pool. The suite mix includes 48 two-bedroom terrace home units, 138 three- bedroom townhouse units, and 22 four-bedroom townhome units ranging from 1,247 sq. ft. to 1,992 sq. ft.
Aspen Village, built in 1987, totals 186 townhome units situated on 13.5 acres in the same Oreans- Chapel Hill neighborhood close to amenities and parks, with easy access to Ottawa's downtown core. The property contains 154 three bedroom two-storey townhomes, the majority with garages and basements, and 32 three-storey townhomes with garages ranging from 1,124 sq. ft. to 1,777 sq. ft.
Beaconwood Village, built in 1973, contains 185 townhome units on 12.06 acres in the suburban neighbourhood of Rothwell Heights-Beacon Hill along the Ottawa River close to many amenities, highly- ranked schools, and Ottawa's downtown core. On-site amenities include a club house recreation centre, fitness facility, and salt water pool. The suite mix includes 142 three-bedroom units and 43 four-bedroom units ranging from 1,124 sq. ft to 1,249 sq. ft.
Panorama, completed in 2003, has 143 three-bedroom townhome units on 9.3 acres in the young community of Barrhaven on the southern part of Ottawa along the Rideau River, a rapidly growing and highly sought after suburb close to some of the highest ranked elementary and secondary schools in the province. All units contain three bedrooms with functional basements ranging from 1,287 sq. ft. to 1,685 sq. ft.
Jubilee, completed in 2003, contains 128 townhome units on 4.3 acres also in Barrhaven and close to the Panorama property. The property consists of 11 three-storey terrace homes with outdoor surface level parking. The suites are all two-bedroom units ranging in size from 1,204 sq. ft. to 1,568 sq. ft.
"This high-quality acquisition significantly strengthens our Ottawa portfolio and enhances our ability to leverage our regional management office structure to generate increased cash flows in the new properties through economies of scale and operating synergies," commented Thomas Schwartz, President and CEO.
As one of Canada's largest residential landlords, CAPREIT is a growth-oriented investment trust owning interests in 48,609 residential units, comprising 42,166 residential suites and 31 manufactured home communities comprising 6,443 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.caprent.com or 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.