TORONTO, Oct. 11, 2018 (GLOBE NEWSWIRE) -- Canadian Apartment Properties Real Estate Investment Trust (“CAPREIT”) (TSX:CAR.UN) announced today that it has sold an apartment on the south shore of Montreal, the Carrefour des Erables. The property includes 419 suites located in Longueuil, Quebec. CAPREIT will receive approximately $35.8 million for the apartment complex. The proceeds from the sale will be used to repay $20.6 million in outstanding mortgages on the property, with the balance used to reduce CAPREIT’s acquisition and operating credit facility.
“We have owned this building since 2005 and believe we have maximized its potential value,” commented David Ehrlich, President and CEO. “A key element of our value-enhancing strategy is to dispose of non-core properties where we have maximized value and recycle the resulting capital into more accretive growth opportunities.”
As one of Canada's largest residential landlords, CAPREIT is a growth-oriented investment trust owning interests in 50,869 residential units, comprising 44,277 residential suites and 32 manufactured home communities comprising 6,592 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. David Ehrlich
President & CEO
Mr. Scott Cryer
Chief Financial Officer