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Killam Apartment REIT Expands Portfolio with $41.0 Million of Acquisitions
Killam Apartment REIT Expands Portfolio with $41.0 Million of Acquisitions Canada ...
About this update from Killam Apartment Reit
[{"type":"text","content":"\n\n\n\nKillam Apartment REIT Expands Portfolio with $41.0 Million of Acquisitions\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nHALIFAX, Dec. 16, 2019\n\n\n\nHALIFAX, Dec. 16, 2019 /CNW/ - Killam Apartment REIT (TSX: KMP.UN) is pleased to announce the recent closing of two acquisitions totaling $41.0 million in Edmonton and Moncton. These purchases build on Killam's existing presence in Edmonton and Moncton, aligning with Killam's strategic goals of accretive acquisitions targeting newer properties and diversifying geographically.\nKillam has acquired the Link, an eight-storey, concrete apartment building located in the growing southwest portion of Edmonton. This newly constructed building contains 105 units with 163 underground parking stalls and a large rooftop patio. In its initial lease-up, the Link is currently 88% leased. The average unit size is 830 square feet and has condo-quality finishes. The acquisition cost was $31.5 million ($300,000 per unit) and Killam's Edmonton portfolio now totals 579 rental units.\nKillam has acquired 145 Canaan Drive in Moncton. The property consists of a new four-storey, wood-frame apartment building, costing $9.5 million. The apartment building contains 48 units with high-quality finishes and 38 underground parking stalls. This property is well-located and shares a parking lot with Killam's existing 155 Canaan apartment building. The property is currently 100% occupied. This acquisition increases Killam's Moncton portfolio to 1,804 rental units.\nBoth acquisitions were funded with cash-on-hand from Killam's recent equity offering. Killam completed $186.2 million in acquisitions year-to-date, achieving its 2019 targets to grow the portfolio to over $3.0 billion, with a minimum acquisition target of $100 million.\n\"We are pleased to grow our apartment portfolios in Edmonton and Moncton,\" noted Philip Fraser, President and CEO. \"The acquisition of the Link builds on our base of high-quality, newly-constructed assets in the Edmonton market and the Moncton asset is a strong complement to our portfolio in th...