TORONTO, ONTARIO -- (Marketwired) -- 01/28/15 -- Canadian Apartment Properties Real Estate Investment Trust ("CAPREIT") (TSX: CAR.UN) announced today that it has, through a wholly-owned Irish subsidiary, completed the previously announced acquisition of the Rockbrook Portfolio, consisting of 270 residential suites and approximately 50,214 square feet of mixed-use commercial space located in Dublin, Ireland for approximately EUR87.3 million (including VAT, but excluding other acquisition costs). The portfolio also includes an approximate 2.8 acre development site with planning permission for 467 apartments, 64,325 square feet of commercial space and associated basement car parking. The purchase will be funded through CAPREIT's Acquisition and Operating credit facility.
The Rockbrook Portfolio is the first portfolio CAPREIT is acquiring for Irish Residential Properties REIT plc ("I-RES") under the previously announced agreement entered into between I-RES and CAPREIT on November 21, 2014 (the "Pipeline Agreement"). The portfolio is intended to be transferred to I-RES conditional on, among other things, I-RES shareholder approval of the Pipeline Agreement and I-RES having sufficient funds available. I-RES intends to convene an extraordinary general meeting at which shareholders will be asked to consider and, if thought fit, approve a resolution to approve the Pipeline Agreement.
"We are very pleased to be acquiring this high-quality, portfolio on behalf of I-RES," stated Thomas Schwartz, President and CEO. "This acquisition will be immediately accretive to CAPREIT's cash flows and, once acquired by I-RES at the appropriate time, CAPREIT Unitholders will continue to benefit through our ownership position in I-RES and their growing presence in the very strong Irish residential rental market."
As one of Canada's largest residential landlords, CAPREIT is a growth-oriented investment trust owning interests in 41,958 residential units, comprising 35,674 residential suites and 30 manufactured home communities comprising 6,284 land lease sites located principally in and near major urban centres across Canada. For more information about CAPREIT, its business and its investment highlights, please refer to our website at www.capreit.net and our public disclosure, which can be found under our profile at www.sedar.com.
About I-RES REIT
Irish Residential Properties REIT plc is an Irish Real Estate Investment Trust ("REIT") listed on the Irish Stock Exchange. The Company is the first REIT established in Ireland primarily focused on the multi-unit residential rental sector. I-RES will continue to seek to acquire, hold and manage investments primarily in multi-unit rental residential real estate and/or ancillary and strategically situated commercial property in Ireland. I-RES raised EUR200 million in an initial public offering in April 2014 and currently owns 1,204 residential suites, approximately 7,699 sq. m. (82,865 sq. ft.) of commercial space and ancillary development land at 10 locations in the greater Dublin area.
CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS
All statements in this press release that do not relate to historical facts constitute forward-looking statements. These statements represent CAPREIT's intentions, plans, expectations and beliefs and are subject to certain risks and uncertainties that could result in actual results differing materially from these forward-looking statements. These risks and uncertainties are more fully described in regulatory filings that can be obtained on SEDAR at www.sedar.com.
Mr. Michael Stein
Mr. Thomas Schwartz
President & CEO
Mr. Scott Cryer
Chief Financial Officer