TORONTO, Sept. 18, 2018 (GLOBE NEWSWIRE) -- Canadian Apartment Properties Real Estate Investment Trust (“CAPREIT”) (TSX:CAR.UN) announced today that it has waived conditions and will acquire a portfolio of thirteen properties well-located in twelve urban centres in the Netherlands totaling 535 residential suites. The portfolio consists of 122 single family rental homes, 413 multi-family rental properties, and one commercial unit all situated close to existing CAPREIT properties in the country. The purchase price will be €107.5 million, funded by a new €64.5 million Euro LIBOR loan with an expected seven year term at 1.85% per annum, with the balance from CAPREIT’s existing EURO credit facility. Closing is anticipated by December 2018.

The properties are located close to major highways, train stations, bike paths, shopping, restaurants, parking and parks. Occupancy for the portfolio currently stands at 96.6%. The properties will be managed by CAPREIT’s recently established regional office in the Netherlands and will bring the total residential units owned to 2,626.

“We are very pleased to be adding these modern, well-maintained properties to our Netherlands portfolio,” commented David Ehrlich, President and CEO. “With a current housing shortage in the market, a vibrant economy and solid employment, demand remains very strong for the well-managed and quality rental residential properties CAPREIT provides.”  

ABOUT CAPREIT
As one of Canada's largest residential landlords, CAPREIT is a growth-oriented investment trust owning interests in 50,600 residential units, comprising 44,008 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.

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