Centurion Apartment REIT Announces Pending Acquisition of a Further 10 Percent Interest in the 360 Suite Kingswood Kitchener Portfolio
Centurion Apartment REIT is pleased to announce the pending increase in its current interest in the 360 suite, 8 building apartment porfolio located at 262-320 Kingswood Drive in Kitchener Ontario. The REIT's holding in this portfolio upon completion of this transaction will be 20 percent with the 80 percent balance held by its partner in the portfolio, Kingsett Capital. This change represents an increase of the REIT's holding from 10 to 20 percent of the portfolio. The transaction is expected to close on or about 9 December 2011. The acquisition will be financed by a combination of cash and/or working capital facilities.
Update: The interest was acquired and the transaction closed on 16 December 2011.