Canadian Apartment Properties Real Estate Investment Trust closed on its €82.6 million purchase of an 11-property residential portfolio in the Netherlands.
The company funded the Netherlands acquisition using a new €49.9 million five-year mortgage with a 1.4% interest rate and cash from its acquisition and operating credit facility.
CAPREIT also expanded its acquisition and operating credit facility by C$100 million to C$540 million. The company said it acquired two residential properties in Canada's Prince Edward Island, funding the C$9.9 million deal with the facility. The company acquired the two-building, 56-unit Malpeque Executive Suites apartment property and the 16-unit Garden Townhomes complex.
