Canadian Apartment Properties Real Estate Investment Trust T.CAR.UN

Alternate Symbol(s): CDPYF

Canadian Apartment Properties Real Estate Investment Trust is a Canada-based provider of rental housing. The Company owns and manages interests in multiunit residential rental properties, including apartments, townhomes and manufactured home communities (MHC), principally located in and near urban centers across Canada. The Company owns approximately 64,200 residential apartment suites, town homes and manufactured home community sites located across Canada and the Netherlands, with approximately $16.7 billion of investment properties in Canada and Europe. The Company’s objectives are to maintain a focus on maximizing occupancy and responsibly growing occupied average monthly rent (Occupied AMR) in accordance with local conditions in each of its markets; grow FFO per unit, sustainable distributions and NAV per unit by actively managing its properties; invest capital within the property portfolio and adopt edge technologies and solutions; and maintain financial management.

TSX:CAR.UN - Post by User

Canadian Apartment Properties Real Estate Investment Trust

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Post by MOJOJONOon May 16, 2019 12:16am

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Post# 29751022

ERE.UN ownership

With the sale of Netherland portfolios to European Residential Real Estate Investment Trust (ERE.UN) CAR.UN has major controling interest.

Who knows, one day perhaps they'll bring them back into the fold or monetize the asset. For now though ERE.UN is arms length and paying out income to CAR.UN.

On March 29, 2019, CAPREIT NL Holding B.V. (“Holding BV”) completed the reverse acquisition (the “Acquisition”) of European Commercial Real Estate Investment Trust (“ECREIT”), and the ongoing entity adopted the name European Residential Real Estate Investment Trust (“ERES”), creating Canada’s first Europe-focused multi-residential REIT. The purchase price for the properties of approximately $633.5 million was satisfied through $326.5 million through the issuance of 81.6 million Class B LP Units of ERES Limited Partnership “ERES LP”, a subsidiary of ERES, plus approximately $307 million in assumed mortgages. The Class B LP Units are exchangeable to ERES Units on a one-to-one basis. Upon conversion, CAPREIT will own approximately 82.8% of the issued and outstanding ERES Units, with the remaining 17.2% held by non-controlling unitholders. The acquisition by ERES from CAPREIT was for a portfolio of 41 multi-residential properties located in the Netherlands.