Mr. Mark Kenney reports
CAPREIT ACQUIRES CANADA-WIDE MHC PORTFOLIO
Canadian Apartment Properties REIT has acquired a portfolio of 13 manufactured housing communities (MHC) in Ontario, Alberta and British Columbia totalling 1,104 sites. Canadian Apartment paid $66.4-million for the portfolio, financed by its acquisition and operating credit facility.
The Ontario properties total 407 sites in six locations in Port Elgin, Eden, Lindsay, Dunsford, Cobourg and Thunder Bay, significantly expanding Canadian Apartment's presence in the Ontario MHC business. A number of the new properties are located close to Canadian Apartment's current communities. Occupancy for the Ontario portfolio stood at 100 per cent on closing.
The Western Canadian properties total 615 sites in six properties in Cold Lake, Brooks, Wainright and Lac La Biche, Alta., and one property with 82 sites located in Westbank near West Kelowna, B.C. A number of the acquired properties include vacant land on which new sites can be added over time. Occupancy for the Western Canadian portfolio stood at 84 per cent on closing.
"We are very pleased to be expanding our presence in the Canadian MHC business," commented Mark Kenney, president and chief operating officer. "Our growing MHC portfolio provides steady, stable and growing long-term cash flows with minimal capital expenditures. We look to continue expanding this highly accretive aspect of our business going forward."
About Canadian Apartment Properties REIT
As one of Canada's largest residential landlords, Canadian Apartment is a growth-oriented investment trust owning interests in 53,143 residential units, comprising 45,446 residential suites and 45 MHC, comprising 7,697 land lease sites, located in and near major urban centres across Canada.
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