TORONTO, ONTARIO--(Marketwired - Aug. 7, 2013) - Canadian Apartment Properties Real Estate Investment Trust ("CAPREIT") (TSX:CAR.UN) announced today that it has entered into agreements to acquire a portfolio of 338 apartment suites and 33,800 square feet of commercial and retail space in four properties in the city of Dublin, Ireland for a purchase price of approximately EUR42.7 million (approximately CDN $59.0 million), excluding transaction costs. CAPREIT will pay for the portfolio using cash from a new Euro-denominated credit facility for a term of five years at a rate of approximately 3.45%. CAPREIT plans to enter into a two-year hedging program related to the portfolio's Euro-denominated cash flows. Closing is scheduled for August 30, 2013, and remains conditional on certain closing matters, including third party deliverables.

CAPREIT was the successful bidder in an auction for the properties conducted on behalf of receivers currently managing the portfolio.

All of the rental suites are modern, fully furnished, and include underground parking. Constructed between 2006 and 2008, the properties are well maintained, secure, and centered around attractive communal landscaped courtyards and gardens. All are situated in mature and growing residential neighbourhoods in and around the city of Dublin close to major employers, hospitals, parks, transit, shopping and cultural centres. Occupancy at the properties is currently approximately 93.0%.

"These acquisitions will be immediately accretive to our Normalized Funds from Operations," said Mr. Schwartz. "We are purchasing the portfolio at very strong going in capitalization rates and at prices well below replacement cost and the original sale prices for the properties."

It is CAPREIT's intention, where appropriate, to investigate the purchase of additional properties in Dublin to capitalize on strong market fundamentals and capitalization rates that are significantly higher than those available in North America, and which will be highly accretive to CAPREIT. At a future date CAPREIT may examine the potential to create a separate investment vehicle in which to hold its properties located outside of Canada.

"We believe this is an excellent growth opportunity for CAPREIT and a perfect time to expand our presence beyond Canada," said Thomas Schwartz, President and CEO. "The Irish and Dublin economies are showing positive momentum as they recover from the global recession. In addition, the Dublin rental market has remained strong and vibrant with demand significantly exceeding supply, solid occupancies, and steadily rising average monthly rents."

"We also believe there is an excellent opportunity to leverage our proven expertise and people and build a professional property and asset management team in the Dublin market," Mr. Schwartz continued. "There are very few large institutional owners of rental accommodation in Dublin, and we are confident our skills and hands-on approach will generate solid gains in cash flows going forward. There are numerous other properties being auctioned by receivers in the Dublin market, and we believe we can establish a solid base from which to potentially add further high quality properties to our portfolio."

About CAPREIT

As one of Canada's largest residential landlords, CAPREIT is a growth-oriented investment trust owning interests in 37,998 residential units, comprising 34,628 residential suites and 14 manufactured home communities comprising 3,370 land lease sites located in and near major urban centres across Canada. For more information about CAPREIT, its business and its investment highlights, please refer to our website at www.capreit.net and our public disclosure, which can be found under our profile at www.sedar.com.

CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS

All statements in this press release that do not relate to historical facts constitute forward-looking statements. These statements represent CAPREIT's intentions, plans, expectations and beliefs and are subject to certain risks and uncertainties that could result in actual results differing materially from these forward-looking statements. These risks and uncertainties are more fully described in regulatory filings that can be obtained on SEDAR at www.sedar.com. The closing of the acquisition described in this press release is subject to standard closing conditions, including obtaining third party deliverables, which are beyond CAPREIT's control. There are no assurances that the conditions to the agreement will be satisfied or the proposed acquisition will be completed on its current terms or at all.