Centurion Apartment REIT Announces Pending Acquisition of 386 Unit Student Residence in Waterloo

June 19, 2013

Centurion Apartment REIT Announces Pending Acquisition of 386 Unit Student Residence...

Centurion Apartment REIT is pleased to announce the pending acquisition of a purpose built new construction 386 unit student residence serving Wilfrid Laurier University in Waterloo Ontario.  The acquisition price is $28.25 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 approximately five years old and has been head leased since its completion to Wilfrid Laurier University.

The property is located at 345 King Street North, very close to the REIT's other student residences in Waterloo at 167 and 173 King Street North and between these three locations the REIT will have 810 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 1,980 student rental units in 7 properties serving 5 universities and bring the REIT's total portfolio interests to over 4,700 rental units in 41 properties in 16 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 18 July 2013.

Update: The property was acquired and the transaction closed on 18 July 2013.