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

Canadian Apartment Properties Real Estate Investment Trust

July 27, 2016 17:00 ET

CAPREIT Sells Montreal Property

TORONTO, ONTARIO--(Marketwired - July 27, 2016) - Canadian Apartment Properties Real Estate Investment Trust ("CAPREIT") (TSX:CAR.UN) announced today it has completed the sale of a building containing 145 mid-tier suites located at 1150 and 1160 Sherbrooke Street East in Montréal, Québec for $24.8 million and includes the assumption by the purchaser of approximately $12.1 million in mortgage debt. The net proceeds from the sale were used to repay the Acquisition and Operating Facility.

"We believe we had maximized the value of this Montréal property, and will re-invest the proceeds in our proven and successful growth initiatives," commented Thomas Schwartz, President and CEO.

ABOUT CAPREIT

As one of Canada's largest residential landlords, CAPREIT is a growth-oriented investment trust owning interests in 48,464 residential units, comprising 42,021 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.

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.caprent.com or www.capreit.net