CAPREIT Announces Strategic Disposition of East York Property and Acquisition of Two High-Quality New-Build Properties

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TORONTO, Aug. 03, 2022 (GLOBE NEWSWIRE) — Canadian Apartment Properties Real Estate Investment Trust (“CAPREIT”) (TSX:CAR.UN) announced today that it has entered into an agreement to dispose of a property located in East York, Ontario. The property, which was built in 1974, is comprised of 253 residential units and will be sold for consideration of $90.1 million (excluding disposition costs). Upon closing, expected later this month, proceeds will be used in part to repay the existing mortgage on the portfolio of approximately $22.9…