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CAPREIT to purchase Netherlands portfolio for €64.9M

Canadian Apartment Properties Real Estate Investment Trust agreed to purchase an eight-property, 99.1% occupied housing portfolio in the Netherlands for €64.9 million.

Four of the multifamily properties, containing 465 suites, are in Utrecht, while the remaining four properties of the 568-unit portfolio are in the smaller cities of Scherpenzeel, Cuijk, Enschede and Warnsveld.

CAPREIT will initially finance the purchase with its acquisition and operating facility, and upon closing or shortly thereafter will repay a portion of the financing with a new €40.7 million 7-year LIBOR loan with an all-in interest rate of approximately 2.0%.

The company said the acquisition represents a going-in capitalization rate of just under 5.0%. Rubens Capital Partners, a local real estate investment and asset-management firm, will own a "nominal interest" in the portfolio and will provide ongoing acquisition and asset management services as CAPREIT works to increase its holdings in the Netherlands.