CAPREIT Provides Update on MHC and European Dispositions, Declares Special Distribution and December 2024 Distribution

TORONTO, Dec. 16, 2024 (GLOBE NEWSWIRE) -- Canadian Apartment Properties Real Estate Investment Trust (“CAPREIT”) (TSX:CAR.UN) announced today that is has completed, in part, its previously announced sale of its manufactured home community (“MHC”) portfolio, which now operates as Compass Communities. CAPREIT has completed the disposition of 11,605 residential lots for a gross purchase price of $715.0 million (all amounts disclosed herein exclude transaction costs and other customary adjustments). The purchase price was partially satisfied through an interest-only vendor take-back loan of $140.0 million, bearing interest at a rate of 3.0% per annum for a five-year term, with $575.0 million satisfied in cash. The sale of the remaining 533 lots is expected to be completed in the first quarter of 2025 for a gross purchase price of $25.0 million, to be satisfied in cash. 

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