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CAPREIT Acquires Luxury Montreal Apartment Property

ID: 1068972
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(businesspress24) - TORONTO, ONTARIO -- (Marketwire) -- 12/28/11 -- Canadian Apartment Properties Real Estate Investment Trust ("CAPREIT") (TSX: CAR.UN) announced today that it had completed the acquisition of a 185-suite, 6-storey, luxury apartment building in Montreal, Quebec. The property includes an indoor swimming pool pavilion, a fully-equipped gym and a two-level underground parking garage as well as outdoor parking. Located between the Town of Mount Royal and the Borough of Outremont, this well-maintained building is within 5km of downtown Montreal, close to hospitals, schools, transportation, shopping and the Mount Royal Park.

The purchase price of approximately $30.8 million was satisfied with a new ten-year mortgage of approximately $15.1 million maturing in December 2021 with an interest rate of 3.30% and the balance from CAPREIT's Acquisition and Operating Facility. Occupancy for the past two years has been very strong at over 99%.

"We are very pleased to be expanding our presence in the Montreal luxury market with this premium acquisition," commented Thomas Schwartz, President and CEO. "We have acquired 2,652 residential suites in 2011 making it one of our best acquisition years ever. In addition to the acquisitions completed earlier this year, this new Montreal property will enhance our existing portfolio and leverages the experienced management infrastructure already in place."

As one of Canada's largest residential landlords, CAPREIT is a growth-oriented investment trust owning interests in 31,014 residential units, comprising 29,681 residential suites and two manufactured home communities comprising 1,333 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 and our public disclosure, which can be found under our profile at .

Contacts:


CAPREIT
Mr. Michael Stein
Chairman
(416) 861-5788

CAPREIT
Mr. Thomas Schwartz
President & CEO
(416) 861-9404

CAPREIT
Mr. Scott Cryer
Chief Financial Officer
(416) 861-5771



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published by: MARKETWIRE
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Date: 12/28/2011 - 19:45
Language: English
News-ID 1068972
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Firma: Canadian Apartment Properties Real Estate Investment Trust
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Stadt: TORONTO, ONTARIO
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