World News: 22:50 GMT Tuesday 28th May 2019. [Canadian Apartment Properties Real Estate Investment Trust via Globe Newswire via SPi World News]
TORONTO, May 28, 2019 (GLOBE NEWSWIRE) -- Canadian Apartment Properties Real Estate Investment Trust (“CAPREIT”) (TSX:CAR.UN) announced today that it has completed the acquisition of a portfolio of 23 Manufactured Housing Communities (“MHC”) sites totaling 3,469 sites located across Canada, previously announced in connection with the April 23, 2019 equity offering of $345 million (“Offering”), with one additional MHC in Quebec comprised of 429 sites. In addition, on May 27, 2019, CAPREIT completed the acquisition of one MHC in Ontario comprised of 56 sites and two MHCs in British Columbia comprised of 125 sites, bringing the aggregate number of properties acquired to 27 MHCs comprised of 4,079 sites. Occupancy for the MHCs currently stands at 95.8%. CAPREIT paid approximately $210.9 million in aggregate for the properties, funded by proceeds from the Offering, and the assumption of $74.4 million in existing mortgages with a weighted average interest rate of 3.39% and a weighted average term of 2.4 years.
“With the additional properties acquired, our total MHC portfolio has grown by over 50% to 11,669 sites in 72 communities across the country, further strengthening and diversifying our asset base and the stability and sustainability of our cash distributions,” commented Mark Kenney, President and Chief Executive Officer.
Globe Newswire: 22:50 GMT Tuesday 28th May 2019
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