(MENAFN- GlobeNewsWire - Nasdaq) This news release constitutes a“designated news release” for the purposes of CAPREIT's prospectus supplement dated February 22, 2024, to its short form base shelf prospectus dated May 9, 2023. TORONTO, Dec. 16, 2024 (GLOBE NEWSWIRE) -- Canadian Apartment Properties Real estate investment Trust (“ CAPREIT ”) (TSX:CAR.UN) announced today that the City of Montréal has announced its intention to exercise its pre-emptive right with respect to the sale of an off-strategy portfolio containing 717 residential suites located in Montréal, Québec. The portfolio is expected to be sold for a price, net of certain estimated adjustments, of $103.8 million, with $27.2 million in total mortgage debt to be repaid (all amounts excluding transaction costs and other customary adjustments). Subject to the receipt of all regulatory approvals and satisfaction of closing conditions, the disposition is expected to close in the first quarter of 2025. There can be no assurance that all requirements for closing will be obtained, satisfied or waived.
“We're proud to be passing along these properties to the City of Montréal's affordable housing initiative, and we're looking forward to collaborating on this important sale,” commented Mark Kenney, President and Chief Executive Officer.“Contributing to the alleviation of Canada's housing crisis is a key priority for us, and transferring more of our non-core buildings to organizations and programs established to promote high-quality, safe and affordable residential housing for Canadians is one of the ways in which we can help with the solution. We are committed to ensuring a smooth and successful transition of this portfolio to an administration focused on preserving the affordability of these homes in perpetuity, alongside the enjoyment, safety and satisfaction of its residents.”
ABOUT CAPREIT
CAPREIT is Canada's largest publicly traded provider of quality rental housing. As at September 30, 2024, CAPREIT owns approximately 63,400 residential apartment suites, townhomes and manufactured home community sites, including approximately 15,400 suites and sites classified as assets held for sale, that are well-located across Canada and the Netherlands, with a total fair value of approximately $16.9 billion, including approximately $1.9 billion of assets held for sale. For more information about CAPREIT, its business and its investment highlights, please visit our website at and our public disclosure which can be found under our profile at .
CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS
Certain statements contained in this press release constitute forward-looking statements within the meaning of applicable Canadian securities laws which reflect CAPREIT's current expectations and projections about future results. Forward-looking statements generally can be identified by the use of forward-looking terminology such as“outlook”,“objective”,“may”,“will”,“expect”,“intent”,“estimate”,“anticipate”,“believe”,“consider”,“should”,“plans”,“predict”,“estimate”,“forward”,“potential”,“could”,“likely”,“approximately”,“scheduled”,“forecast”,“variation” or“continue”, or similar expressions suggesting future outcomes or events. The forward-looking statements made in this press release relate only to events or information as of the date on which the statements are made in this press release. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this press release. Any number of factors could cause actual results to differ materially from these forward-looking statements. Although CAPREIT believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statements will prove to be correct. Such forward-looking statements are based on a number of assumptions that may prove to be incorrect, including with regards to the expected completion and timing of the pending disposition. Accordingly, readers should not place undue reliance on forward-looking statements.
Forward looking statements in this press release are subject to certain risks and uncertainties, many of which are beyond CAPREIT's control, which could result in actual results differing materially from these forward-looking statements. These risks and uncertainties include, but are not limited to, the risks and uncertainties described under the heading“Risks and Uncertainties” in CAPREIT's 2023 Annual Report and under the heading“Risk Factors” in CAPREIT's Annual Information Form for the year ended December 31, 2023, each of which is available under CAPREIT's profile on SEDAR+ at .
Except as specifically required by applicable Canadian securities law, CAPREIT does not undertake any obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. These forward-looking statements should not be relied upon as representing CAPREIT's views as of any date subsequent to the date of this press release.