Canadian Apartment Properties Real Estate Investment Trust (“CAPREIT”) has completed the purchase of the substantial Halifax portfolio it previously announced in December. The portfolio contains fourteen apartment buildings on eight properties located throughout the downtown core and surrounding metro area of Halifax.
Totalling 1,503 rental suites, the acquisition represents a significant percentage of all primary rental housing on the Halifax peninsula. Occupancy for the total portfolio is currently 99.1 per cent.
“We are very pleased to increase the size and scale of our Halifax portfolio,” commented Mark Kenney, President and CEO. “With the completion of this transaction, our Halifax portfolio has grown significantly to over 3,100 rental suites, transforming CAPREIT into one of the City’s largest providers of quality rental accommodation.”
CAPREIT paid approximately $391 million for the portfolio, satisfied by the assumption of approximately $109.0 million in mortgages with a weighted average interest rate of 1.94 per cent and a weighted average term to maturity of 1.14 years, with the balance in cash from its December equity offering and Acquisition and Operating credit facility.
More information on the Halifax portfolio can be found here: https://www.reminetwork.com/articles/capreit-acquires-substantial-halifax-apartment-portfolio/