CAPREIT Enhances Presence in Vibrant Vancouver Market

TORONTO, Sept. 06, 2018 (GLOBE NEWSWIRE) -- Canadian Apartment Properties Real Estate Investment Trust (“CAPREIT”) (TSX:CAR.UN) announced today that it has sold its Georgian Towers property, located at 1450 West Georgia Street in Vancouver, consisting of 162 suites.

CAPREIT has also agreed to acquire two brand new luxury apartment buildings totaling 269 rental suites strategically located in the City of Vancouver.

The property, located in a large master-planned community in Vancouver, consists of two brand new luxury buildings connected by a state-of-the-art recreation complex with 5,742 square feet of amenities. One building, consisting of 155 rental suites, was completed for occupancy on May 29, 2018 with occupancy now near 100%. The second building containing 114 suites is under construction with an expected occupancy date in September 2018 with close to full occupancy anticipated by December 2018.

CAPREIT will pay $32 million for the purchase of the two properties net of sale of its Georgian Towers property. The closing date for the two buildings is estimated to be on or before September 27, 2018.

The acquisition of these two brand new luxury buildings affirms CAPREIT’s commitment to continuously modernize and upgrade the quality of the overall portfolio.

ABOUT CAPREIT
As one of Canada's largest residential landlords, CAPREIT is a growth-oriented investment trust owning interests in 50,764 residential units, comprising 44,172 residential suites and 32 manufactured home communities comprising 6,592 land lease sites located 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.caprent.com or www.capreit.net and our public disclosure, which can be found under our profile at www.sedar.com.

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.

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