TORONTO, March 14, 2019 (GLOBE NEWSWIRE) — Canadian Apartment Properties Real Estate Investment Trust (“CAPREIT”) (TSX:CAR.UN) announced today that it has acquired a portfolio of thirteen manufactured housing communities (“MHC”) in Ontario, Alberta and British Columbia totaling 1,104 sites. CAPREIT paid $66.4 million for the portfolio, funded by its Acquisition and Operating credit facility.
The Ontario properties total 407 sites in six locations in Port Elgin, Eden, Lindsay, Dunsford, Cobourg and Thunder Bay, significantly expanding CAPREIT’s presence in the Ontario MHC business. A number of the new properties are located close to CAPREIT’s current communities. Occupancy for the Ontario portfolio stood at 100% on closing.
The Western Canada properties total 615 sites in six properties in Cold Lake, Brooks, Wainright and Lac La Biche, Alberta, and one property with 82 sites located in Westbank near West Kelowna, British Columbia. A number of the acquired properties include vacant land on which new sites can be added over time. Occupancy for the Western Canadian portfolio stood at 84% on closing.
“We are very pleased to be expanding our presence in the Canadian MHC business,” commented Mark Kenney, President and Chief Operating Officer. “Our growing MHC portfolio provides steady, stable and growing long-term cash flows with minimal capital expenditures. We look to continue expanding this highly accretive aspect of our business going forward.”
As one of Canada’s largest residential landlords, CAPREIT is a growth-oriented investment trust owning interests in 53,143 residential units, comprising 45,446 residential suites and 45 manufactured home communities comprising 7,697 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.
For more information, please contact:
Mr. Michael Stein
Mr. Mark Kenney
President & COO
Mr. Scott Cryer
Chief Financial Officer