Canadian Apartment Properties Real Estate Investment Trust announces closing of $130 MM equity financing

/NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES/

TORONTO, Oct. 10, 2013 /CNW/ - Canadian Apartment Properties Real Estate Investment Trust (TSX:CAR.UN) ("CAPREIT") announced today that it has closed its previously announced issue and sale of 6,327,000 units for $20.55 per unit for aggregate gross proceeds of $130,019,850. The offering was sold through a syndicate of underwriters led by RBC Capital Markets on a bought-deal basis.

CAPREIT intends to use the net proceeds of the offering to repay a portion of the approximately $231 million owing under its credit facilities as of June 30, 2013, after giving effect to subsequent events. Such facilities were utilized by CAPREIT to partially fund 13 acquisitions comprising CAPREIT's share of 2,523 residential suites completed since November 2012 with aggregate acquisition costs of $474 million. The remainder of the net proceeds of the offering, if any, will be used for future acquisitions, capital expenditures and for general trust purposes.

"The proceeds of this offering will help to once again strengthen our balance sheet, enabling us to capitalize on future investments aimed at enhancing Unitholder value," commented Thomas Schwartz, President and CEO.

As one of Canada's largest residential landlords, CAPREIT is a growth-oriented investment trust owning interests in 38,502 residential units, comprising 35,132 residential suites and 14 manufactured home communities comprising 3,370 land lease sites located in and near major urban centres across Canada and in Dublin, Ireland. For more information about CAPREIT, its business and its investment highlights, please refer to our website at www.capreit.net and our public disclosure, which can be found under our profile at www.sedar.com.

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.

SOURCE: CANADIAN APARTMENT PROPERTIES REAL ESTATE INVESTMENT TRUST (CAP REIT)

For further information:

CAPREIT
Mr. Michael Stein
Chairman
(416) 861-5788       

CAPREIT
Mr. Thomas Schwartz
President & CEO
(416) 861-9404   

CAPREIT 
Mr. Scott Cryer
Chief Financial Officer
(416) 861-5771


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