TORONTO, Aug. 13, 2020 (GLOBE NEWSWIRE) -- Canadian Apartment Properties Real Estate Investment Trust (“CAPREIT”) (TSX:CAR.UN) announced today that it has purchased a brand new 88-suite apartment property in the West Bedford neighbourhood of Halifax, Nova Scotia. CAPREIT paid $22.4 million for the property, financed by CAPREIT’s cash and cash equivalents invested in short-term investments.
Located close to key amenities including grocery stores, pharmacies, restaurants and banks, “The Sterling” is only 15 minutes from downtown Halifax. It includes 22 one-bedroom and 66 two-bedroom suites with large average suite sizes ranging from 997 square feet to 1,740 square feet, ideally suited for small families. Featuring stainless steel appliances and luxury finishes, each suite is individually metered for power. The building is fully sprinklered and includes an energy efficient heating and cooling system, parking, a furnished lounge on the main floor and a 10,000 square foot outdoor terrace.
“We are pleased to be further expanding our presence in the very strong Halifax market with this high-end acquisition,” commented Mark Kenney, President and CEO. “With our recent growth, CAPREIT is now among the largest providers of high-quality rental accommodation in the city, and we look to generate solid economies of scale and operating synergies in the months ahead.”
A Media Snippet accompanying this announcement is available by clicking on the image or link below:
CAPREIT is one of Canada's largest real estate investment trusts. CAPREIT owns approximately 56,700 suites and sites, including townhomes and manufactured housing sites, in Canada and indirectly through its investment in ERES, approximately 5,600 suites in the Netherlands. CAPREIT manages approximately 60,800 of its owned suites in Canada and Netherlands, and additionally, approximately 3,800 suites in Ireland. 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 & CEO
Mr. Scott Cryer
Chief Financial Officer