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Canadian Apartment Properties REIT to acquire Nova Scotia portfolio for C$391M

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Canadian Apartment Properties REIT to acquire Nova Scotia portfolio for C$391M

Canadian Apartment Properties Real Estate Investment Trust agreed to pay about C$391 million to purchase an eight-property apartment portfolio in Halifax, Nova Scotia, with closing expected by the end of January 2020.

QuadReal will sell the 99.9%-occupied portfolio, which totals 14 buildings offering 1,503 rental suites. The portfolio consists of 1920 Brunswick St., 1881 Brunswick St., 1991 Brunswick St., 2001 Brunswick St., 2065 & 2073-2077 Brunswick St., 5885 Cunard St., 5770 Spring Garden Road and 79‐81 Radcliffe Drive & 80‐95 Chipstone Close.

The Canadian multifamily landlord will fund the acquisition with about C$109.1 million in assumed mortgages and cash from its acquisition and operating credit facility.