Centurion Apartment REIT Announces Pending Acquisition of 205 Unit Student Residence in Waterloo

February 21, 2013

Centurion Apartment REIT Announces Pending Acquisition of 205 Unit Student Residence...

Centurion Apartment REIT is pleased to announce the pending acquisition of a purpose built new construction 205 unit student residence serving Wilfrid Laurier University and the University of Waterloo in Waterloo Ontario.  The acquisition price is $17.0 million  and will be financed by a combination operating facilities, cash and a new long term mortgage.  Centurion will be taking a 100% stake in the property. The property is newly constructed and was completed for occupancy in the fall of 2012.

The property is located at 167 King Street North, across the street for the REIT's other student residence in Waterloo at 173 King Street North and between these two locations the REIT will have 424 rental units in close proximity to the Wilfrid Laurier University Campus, transportation,  services, shopping, dinning and entertainment opportunities. Upon completion, the REIT will have interests in 1,594 student rental units in 6 properties serving 5 universities and bring the REIT's total portfolio interests to over 4,400 rental units in 42 properties in 17 communities.

The REIT is currently exploring other opportunities in the purpose built student residence market across Canada and believes that there will be further accretive transactions for the REIT therein.

The acquisition is scheduled to close on or about 25 March 2013.

Update: The property was acquired and the transaction closed on 26 March 2013.