CAP REIT Completes Purchase of Co-Owner's Interest in Two Montreal Apartment Complexes.TORONTO Toronto (tərŏn`tō), city (1998 est pop. 2,400,000), provincial capital, S Ont., Canada, on Lake Ontario. Toronto is the largest city in Canada and since the 1970s has been one of the fastest-changing cities in North America, experiencing -- 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 has completed the acquisition of the remaining interests owned by a third-party co-owner in two Montreal apartment complexes. CAP REIT acquired the remaining 45% interest in Domaine Salaberry, a 250-suite property, and the remaining 48.5% interest in Domaine Choisy, a 437-suite property on December 30, 2005. The purchase price for the remaining interests in the two complexes was approximately $13.7 million. CAP REIT assumed the balance of the outstanding mortgages of approximately $5.4 million and funded the balance by borrowing on CAP REIT's acquisition facility. With the completion of this transaction, CAP REIT now owns 100% of these two apartment properties. Our total Quebec portfolio of 4,213 suites represents 17% of our total portfolio. "With this transaction we are increasing our position in one of Canada's strongest rental markets and 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," 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 25,252 residential suites located in major urban centres from coast to coast. 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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