September 28, 2016 08:48 ET
TORONTO, ONTARIO--(Marketwired - Sept. 28, 2016) - Canadian Apartment Properties Real Estate Investment Trust ("CAPREIT") (TSX:CAR.UN) announced today that it has completed the sale of 412 suites located in the Domaine Choisy neighbourhood in St. Leonard, Quebec for a sale price of approximately $31.4 million. Two mortgages will be repaid with the proceeds of the sale totaling approximately $14.3 million with a combined weighted average interest rate of 3.56%, above CAPREIT's current weighted average interest rate.
"An important component of our value enhancing strategies is to dispose of properties where we believe we have maximized value, and to recycle that capital into future growth opportunities," commented Thomas Schwartz, President and CEO.
As one of Canada's largest residential landlords, CAPREIT is a growth-oriented investment trust owning interests in 48,102 residential units, comprising 41,659 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.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.
Canadian Apartment Properties Real Estate Investment TrustMr. Michael SteinChairman(416) 861-5788Canadian Apartment Properties Real Estate Investment TrustMr. Thomas SchwartzPresident & CEO(416) 861-9404Canadian Apartment Properties Real Estate Investment TrustMr. Scott CryerChief Financial Officer(416) 861-5771www.capreit.net
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