Canadian Apartment Properties Real Estate Investment Trust (CAPREIT) has added 285 suites to its Canadian apartment portfolio through a $53.7-million deal in Burlington, Ontario, while selling nearly the same number of units in Dublin, Ireland.
The Burlington properties include a three-building, 175-unit complex and a nearby 13-storey, 110-unit apartment tower. Currently, vacancies stand at less than three per cent in the buildings, which are located near schools, libraries and shopping, and have good highway and public transit access. Investments have also recently been made in energy-efficiency and upgrades to common areas.
“This accretive acquisition enhances our presence in the very strong Burlington rental market, an important and growing community in the Greater Toronto Area,” says CAPREIT’s president and CEO, Thomas Schwartz.
In Dublin, CAPREIT has sold its interest in its wholly owned Irish subsidiary, Rockbrook SVP, to Irish Residential Properties REIT (I-RES) for 0.9 million Euros (CDN $1.22 million). This is pursuant to CAPREIT’s pipeline agreement with I-RES.
Following I-RES’s acquisition of the Rockbrook portfolio — consisting of 270 residential suites and 50,214 square feet of commercial space — Rockbrook SVP repaid an outstanding 89.7-million Euro (CDN $121.9 million) to CAPREIT.