Centurion Apartment REIT Announces Pending Acquisition of 96 Unit Student Housing Property in London Ontario

March 8, 2012

Centurion Apartment REIT Announces Pending Acquisition of 96 Unit Student Housing...

Centurion Apartment REIT is pleased to announce the pending acquisition of a purpose built 96 unit student residence portfolio serving Western University (a.k.a. the University of Western Ontario) in London.   The acquisition price is $7.00 million  and is expected to close on or about 2 April 2012. The acquisition will be financed by a combination of cash, operating facilities and new long term mortgages.

The properties are located in a prime student rental area with easy access to transportation. Restaurants, bars and services are available only a short walk away.  The residential addresses are 83-99 St George St and 149,151,163,165 Ann St in London Ontario.  The property is a short distance to the REIT's recentlly acquired 75 Ann Street location which contains many premium ameneties such as fitness & weight training rooms, theatre, games room, lounges, study and private meeting rooms, extensive CCTV coverage, underground parking,  and onsite concierge. It is anticipated that these premium amenities will be offered to the residents of Varsity Village as a new benefit and further increase the attraction of the site for residents. The property is currently branded as St George Village but will be rebranded on closing as Varsity Village.

This acquisition represents Centurions third acquisition of purpose built student residences in London and its fourth acquisition of purpose built student residences. Upon completion of this acquisition, the REIT will have interests in 1,170 student rental units in four properties serving three universities (Western, Concordia, McGill) in two cities (London, Montreal) .  It is currently exploring other opportunities in the purpose built student residence market and believes that there will be more significantly accretive opportunities for the REIT available.

Update: The propertes were acquired and the transaction closed on 4 April 2012.