CAPREIT Enters First Joint Venture Property Development Contract in Toronto's King High Line Project
TORONTO, ONTARIO, Jul 29, 2015 (Marketwired via COMTEX) -- Canadian Apartment Properties Real Estate Investment Trust ("CAPREIT") (CAR.UN) announced today that it has entered into an agreement to acquire a one-third undivided interest in the residential component of the King High Line Project, a mixed-use property development located at 1100 King Street West in downtown Toronto, Ontario (Liberty Village). The property will consist of approximately 160,000 square feet of commercial retail space (which will not be owned by CAPREIT), and three rental residential towers containing 506 apartment suites of various sizes, including some designed for families, over four levels of below-grade parking. CAPREIT will pay $60.3 million for its interest in the residential component of the development, financed by cash from CAPREIT's Acquisition and Operating credit facility. CAPREIT has been granted the property management contract and will be responsible for the lease-up of the residential towers for a market fee. Closing will take place upon substantial completion of construction, which is expected to occur in 2018. More......http://www.marketwatch.com/story/ca...s-king-high-line-project-2015-07-29-171733051