Skip to main content

CAPREIT Grows Presence in Strong MHC Business

Written by Customer Service on . Posted in Public Companies.

TORONTO, July 05, 2021 (GLOBE NEWSWIRE) — Canadian Apartment Properties Real Estate Investment Trust (“CAPREIT”) (TSX:CAR.UN) announced today that it has completed the acquisition of two manufactured housing community (“MHC”) properties containing 342 sites in the town of Lakeshore close to Windsor, Ontario. CAPREIT paid approximately $20.6 million for the two properties, funded by cash and the assumption of a $8.6 million mortgage maturing in October 2025. There were only two vacant sites in one of the properties at closing.

Both properties are close to Lake St. Clair and have close economic ties to Windsor, Ontario with a short 15-minute drive to the city and the US border. Both properties have well-established infrastructure and are located along major transportation arteries.

“We continue to grow our presence in the strong MHC business, a sector that provides Unitholders with solid, lower risk and accretive returns,” commented Mark Kenney, President and CEO. “Revenues are highly stable, and with residents owning their own homes, capital requirements and maintenance needs are significantly reduced. In addition, with home ownership costs rising significantly across the country, MHCs provide a real alternative to families and seniors looking for a more affordable place to live.”

ABOUT CAPREIT
CAPREIT is Canada’s largest publicly-traded provider of quality rental housing. CAPREIT currently owns or has interests in approximately 69,600 residential apartment suites, townhomes and manufactured housing community sites well-located across Canada, in the Netherlands and Ireland. For more information about CAPREIT, its business and its investment highlights, please visit 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:

CAPREIT
Mr. Michael Stein
Chairman
(416) 861-5788		CAPREIT
Mr. Mark Kenney
President & CEO
(416) 861-9404		CAPREIT
Mr. Scott Cryer
Chief Financial Officer
(416) 861-5771

Disclaimer & Cookie Notice

Welcome to GOLDEA services for Professionals

Before you continue, please confirm the following:

Professional advisers only

I am a professional adviser and would like to visit the GOLDEA CAPITAL for Professionals website.

Important Notice for Investors:

The services and products offered by Goldalea Capital Ltd. are intended exclusively for professional market participants as defined by applicable laws and regulations. This typically includes institutional investors, qualified investors, and high-net-worth individuals who have sufficient knowledge, experience, resources, and independence to assess the risks of trading on their own.

No Investment Advice:

The information, analyses, and market data provided are for general information purposes only and do not constitute individual investment advice. They should not be construed as a basis for investment decisions and do not take into account the specific investment objectives, financial situation, or individual needs of any recipient.

High Risks:

Trading in financial instruments is associated with significant risks and may result in the complete loss of the invested capital. Goldalea Capital Ltd. accepts no liability for losses incurred as a result of the use of the information provided or the execution of transactions.

Sole Responsibility:

The decision to invest or not to invest is solely the responsibility of the investor. Investors should obtain comprehensive information about the risks involved before making any investment decision and, if necessary, seek independent advice.

No Guarantees:

Goldalea Capital Ltd. makes no warranties or representations as to the accuracy, completeness, or timeliness of the information provided. Markets are subject to constant change, and past performance is not a reliable indicator of future results.

Regional Restrictions:

The services offered by Goldalea Capital Ltd. may not be available to all persons or in all countries. It is the responsibility of the investor to ensure that they are authorized to use the services offered.

Please note: This disclaimer is for general information purposes only and does not replace individual legal or tax advice.