TORONTO, Aug. 15, 2018 (GLOBE NEWSWIRE) — Canadian Apartment Properties Real Estate Investment Trust (“CAPREIT”) (TSX:CAR.UN) announced today that it has sold the Cedar Ridge Apartments, a 102-suite property built in 1978 located in Saskatoon, Saskatchewan. The property was sold for approximately $10.2 million and includes the assumption of two mortgages by the purchaser of approximately $7.5 million. As the REIT’s only property in Saskatoon, management believes it has maximized value on this property. The net proceeds will be used to reduce the REIT’s credit facilities and for future growth opportunities.
As one of Canada’s largest residential landlords, CAPREIT is a growth-oriented investment trust owning interests in 50,760 residential units, comprising 44,168 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