Centurion Apartment REIT Announces Pending Acquisition of 440 Unit Luxury Student Residence in Montreal
Centurion Apartment REIT is pleased to announce the pending acquisition of a purpose built 440 unit luxury student residence apartment building serving McGill University and Concordia University in Montreal in a joint venture with Montreal based partners. The acquisition price is $46.75 million and is expected to close on or about 7 December. The acquisition will be financed by a combination of cash and a new long term mortgage. Centurion will be taking a 25% stake in the property, with the balance taken up by the Montreal partners.
The property is the premier luxury student residence in Montreal serving a unique niche in the heart of downtown Montreal in a prime location only a short walk to the McGill University campus and only 15 minutes to the Concordia University campus. The property is in the heart of St Catherine St and is surrounding by shopping, dining and entertainment opportunities.The suites are fully furnished giving residents the luxury to move right in with just a suitcase without needing to search for their own furnishings. It contains many premium ameneties such as fitness & weight training rooms, theatre, games room, lounges, study and private meeting rooms, extensive CCTV coverage, music rooms, built in wifi internet, underground parking, cable tv and onsite concierge and management.
This acquisition represents Centurions first acquisition outside of Ontario in Quebec and also its first in purpose built student residences. The REIT is currently exploring other opportunities in the purpose built student residence market and believes that there will be significant accretive opportunities for the REIT therein.
More pictures and information are available on the property specific website here.
Map of LocationUpdate: The property was acquired and the transaction closed as of 13 December 2011.