CAP REIT Completes Montreal Acquisition.TORONTO -- Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. Apartment Properties Real Estate Investment Trust ("CAP REIT CAP REIT Canadian Apartment Properties Real Estate Investment Trust ")(TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :CAR.UN) announced today that it had completed the acquisition of a portfolio of 1,431 residential suites in the mid-tier category in 34 buildings situated in the greater Montreal and South Shore area. The total purchase price was approximately $80 million (including acquisition costs and land transfer tax of approximately $1.7 million), with $52.1 million of five to seven year mortgages placed on the properties at closing. The balance of the purchase price was satisfied with cash, including a portion of the $60.1 million net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). from a successful bought deal offering of 4.1 million Units completed on August 4, 2005. With the completion of this acquisition, and the purchase of a 78 suite property in Quebec City completed in June 2005, CAP REIT's portfolio in the Province of Quebec now comprises 4,213 suites, or 16.4% of the total portfolio. "We are pleased to be increasing our presence in the strong Montreal and Quebec City rental markets, and look to further enhancing the geographic diversification Diversification A risk management technique that mixes a wide variety of investments within a portfolio. It is designed to minimize the impact of any one security on overall portfolio performance. Notes: Diversification is possibly the greatest way to reduce the risk. of our portfolio through additional acquisitions going forward," commented Thomas (language) Thomas - A language compatible with the language Dylan(TM). Thomas is NOT Dylan(TM). The first public release of a translator to Scheme by Matt Birkholz, Jim Miller, and Ron Weiss, written at Digital Equipment Corporation's Cambridge Research Laboratory runs Schwartz, President and Chief Executive Officer. As one of Canada's largest residential landlords, CAP REIT (TSX - CAR.UN) is a growth-oriented investment trust owning interests in 25,643 residential suites located in major urban centres from coast to coast across the country. Since its Initial Public Offering in May 1997, CAP REIT has grown monthly cash distributions per Unit by 51%. For more information about CAP REIT, its business and its investment highlights, please refer to our web site at www.capreit.net. Canadian Apartment Properties Real Estate Investment Trust (TSX:CAR.UN) |
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