Northview Apartment REIT Completes Previously Announced $152 Million Strategic Acquisition in Ontario and Nova Scotia
CALGARY, Alberta, June 26, 2018 (GLOBE NEWSWIRE) -- Northview Apartment Real Estate Investment Trust (“Northview”) (TSX:NVU.UN) today announced it has closed the acquisition of a 623 unit portfolio of six apartment properties (the "Acquisition Properties" or the "Acquisition") in Ontario and Nova Scotia from affiliates of Starlight Group Property Holdings Inc. (“Starlight”). The aggregate purchase price of the Acquisition Properties is $151.8 million (excluding closing costs), representing a weighted average capitalization rate of 4.5%. The Acquisition was previously announced on June 6, 2018.
Todd Cook, President and CEO, commented, “We are pleased to complete the recently announced acquisition as we continue to add high-quality assets to our portfolio. This acquisition further supports our strategy of growing our portfolio in strong and growing markets with now over 26,000 units across Canada.”
The aggregate purchase price for the Acquisition was funded by:
- Cash consideration of $80.1 million, funded from the recently completed public offering on June 25, 2018;
- Issuance of $15.0 million in Class B LP Units to Starlight at a price of $26.20 per Trust Unit; and
- New and assumed mortgage debt of $56.7 million.
Northview is one of Canada's largest publicly traded multi-family REITs with a portfolio of approximately 26,000 quality residential suites and 1.2 million square feet of commercial space in more than 60 markets across eight provinces and two territories. Northview's well-diversified portfolio includes markets characterized by expanding populations and growing economies, which provides Northview the means to deliver stable and growing profitability and distributions to Unitholders of Northview over time. Northview currently trades on the TSX under the ticker symbol: NVU.UN. Additional information concerning Northview is available at www.sedar.com or www.northviewreit.com.
Northview Apartment Real Estate Investment Trust
Mr. Todd Cook
President and Chief Executive Officer
Mr. Travis Beatty
Chief Financial Officer
Mr. Leslie Veiner
Chief Operating Officer
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