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Killam Apartment REIT closes C$134M of acquisitions in Q2

Canada's Killam Apartment REIT closed C$134 million worth of acquisitions during the second quarter including C$73.5 million for the remaining 50% interest in three properties, including Grid 5, Silver Spear and the development site for a 128-unit apartment adjacent to Silver Spear.

The real estate investment trust also acquired a 50% interest in the Charlottetown Mall in Prince Edward Island for C$23.8 million, representing a 6.7% all-cash yield, and closed the C$8.3 million acquisition of a newly constructed 59-unit apartment building in Fredericton, New Brunswick, for an all-cash yield of 5.8%.

Killam, in reporting its second-quarter results, added that it bought a 127-unit apartment and a 45,500-square-foot commercial complex in Dieppe, New Brunswick, for C$28.9 million. The deal also includes a 2.5-acre vacant land for future residential development.

In mid-August, Killam will close the roughly C$9.3 million acquisition of a new, fully occupied, four-story apartment building in Fredericton.