08:50 AM EDT, 03/28/2024 (MT Newswires) -- Canadian Apartment Properties Real Estate Investment Trust (CAR-UN.TO) on Thursday has closed on four non-core Canadian dispositions for combined consideration of $83.5 million. The REIT has also entered into an agreement to dispose of an additional parcel of unused land for $2 million.

CAPREIT has completed the acquisition of two newly constructed purpose-built rental properties in London, Ontario, for $130 million. The high-quality buildings were constructed in 2019 and 2021, and contain 291 spacious residential suites with a large average size of 1,160 square feet. CAPREIT also assumed the two existing below-market mortgages, which have $80.9 million in principal outstanding, a weighted average term to maturity of two years, and carry a 2.3% blended interest rate. The residual $49.1 million purchase price was funded by cash sourced from previously announced dispositions.