Real Estate — January 21, 2013InterRent Announces $19 Million Acquisition in Montreal, Quebec
OTTAWA, ONTARIO--(Marketwire - Jan. 21, 2013) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
InterRent Real Estate Investment Trust (TSX:IIP.UN) ("InterRent") announced today that it has entered into an unconditional agreement to acquire a four (4) building apartment complex ideally situated in Côte Saint-Luc on the Island of Montreal, Quebec.
The 174 suite complex is located at the corner of Sir Walter Scott Avenue and Kildare Road in a quiet sought after rental neighborhood within close proximity to downtown Montreal and with easy access to the Montreal West train station and the Vendome metro station. The property is situated one block from the Cavendish Mall, two blocks from Mount Sinai Hospital and has easy access to highways 15, 20, 40 and 520.
The acquisition is expected to be completed by the end of the month at a purchase price of $18,960,000. The property is being purchased with a going in capitalization rate of 5.75% and is immediately accretive to the REIT. The acquisition will be financed at 75% through a combination of an existing first mortgage and a new second mortgage with a weighted average interest rate and term of 3.8% and 8.1 years.
"We have been scouting properties within this market for over a year, as we believe that this is a very fragmented rental market with numerous opportunities to acquire properties where we can create value. This is a well maintained property that will be a great launch point as we develop a presence within the Montreal rental market. Our numerous bilingual staff look forward to this challenge and growing within this market," said Mike McGahan, CEO.
InterRent REIT is a growth-oriented real estate investment trust engaged in increasing Unitholder value and creating a growing and sustainable distribution through the acquisition and ownership of multi-residential properties.
InterRent's strategy is to expand its portfolio primarily within markets that have exhibited stable market vacancies, sufficient suites available to attain the critical mass necessary to implement an efficient portfolio management structure and, offer opportunities for accretive acquisitions.
InterRent's primary objective is to use the proven industry experience of the Trustees, Management and Operational Team to: (i) provide Unitholders with stable and growing cash distributions from investments in a diversified portfolio of multi-residential properties; (ii) enhance the value of the assets and maximize long-term Unit value through the active management of such assets; and (iii) expand the asset base and increase Distributable Income through accretive acquisitions.
This news release contains "forward-looking statements" within the meaning applicable to Canadian securities legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "anticipated", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". InterRent is subject to significant risks and uncertainties which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward looking statements contained in this release. A full description of these risk factors can be found in InterRent's most recently publicly filed information located at www.sedar.com. InterRent cannot assure investors that actual results will be consistent with these forward looking statements and InterRent assumes no obligation to update or revise the forward looking statements contained in this release to reflect actual events or new circumstances.
InterRent Real Estate Investment Trust
Chief Executive Officer
(613) 569-5699 Ext 244
(613) 569-5698 (FAX)
InterRent Real Estate Investment Trust
Curt Millar, CA
Chief Financial Officer
(613) 569-5699 Ext 233
(613) 569-5698 (FAX)
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