/NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES/
TORONTO, Oct. 9, 2015 /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 8,720,000 units for $28.70 per unit for aggregate gross proceeds of $250,264,000. 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 partially repay the temporary bridge facility, which was utilized by CAPREIT to partially fund the acquisition of an apartment portfolio in Montréal, Québec consisting of 3,661 suites for a purchase price (excluding transaction costs) of $490.0 million.
"We have just completed another successful quarter and continue to grow our portfolio through a number of opportunistic and accretive acquisitions," commented Thomas Schwartz, President and CEO. "The proceeds of this offering will help us maintain a conservative leverage ratio, and will provide us with the liquidity and flexibility to competitively bid on future strategic acquisitions."
As one of Canada's largest residential landlords, CAPREIT is a growth-oriented investment trust owning interests in 46,617 residential units, comprising 40,332 residential suites and 30 manufactured home communities comprising 6,285 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.
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