Northview Apartment REIT
TSX : NVU.UN

Northview Apartment REIT

December 08, 2017 09:00 ET

Northview Apartment REIT Completes Previously Announced Strategic Acquisition of 1,250 Units in Key Growth Markets

CALGARY, ALBERTA--(Marketwired - Dec. 8, 2017) - Northview Apartment Real Estate Investment Trust ("Northview") (TSX:NVU.UN), today announced it has closed the acquisition of a 1,250 unit portfolio for an aggregate purchase price of $196.8 million with a weighted average capitalization rate of 4.4% in Ontario, Quebec, British Columbia, and Nova Scotia. In addition, Northview has closed the sale of a 216 unit non-core asset located in Kitchener, ON, for $37.7 million. These transactions were previously announced on November 15, 2017.

Todd Cook, President and CEO, commented, "We are pleased to complete the recently announced acquisition of high-quality assets located in strong and growing markets. This acquisition continues to support the progress on our 2017 strategic priorities and drive value creation for Unitholders."

The aggregate purchase price of $196.8 million for the acquisition was funded by insured mortgage debt related to the acquisition; issuance of 2,059,481 in Trust Units and Class B LP Units to the vendors valued at an average unit price of $25.25; and cash consideration funded by existing credit facilities and proceeds from the non-core asset sale in Kitchener, ON.

About Northview

Northview is one of Canada's largest publicly traded multi-family REITs with a portfolio of approximately 25,000 quality residential suites in more than 60 markets across eight provinces and two territories. Northview's portfolio includes markets characterized by expanding populations, growing economies, high occupancy levels, and rising rents, which provides Northview the means to deliver stable and growing profitability and cash distributions to Unitholders of Northview over time. Northview currently trades on the TSX under the ticker symbol: NVU.UN. Additional information concerning Northview is available at www.sedar.com or www.northviewreit.com.

Contact Information

  • Northview Apartment Real Estate Investment Trust
    Mr. Todd Cook
    President and Chief Executive Officer
    (403) 531-0720

    Northview Apartment Real Estate Investment Trust
    Mr. Travis Beatty
    Chief Financial Officer
    (403) 531-0720

    Northview Apartment Real Estate Investment Trust
    Mr. Leslie Veiner
    Chief Operating Officer
    (403) 531-0720