MARWEST APARTMENT REAL ESTATE INVESTMENT TRUST ANNOUNCES PROPOSED ACQUISITION

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[{"type":"text","content":"\n \n \n \n MARWEST APARTMENT REAL ESTATE INVESTMENT TRUST ANNOUNCES PROPOSED ACQUISITION\n \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 Canada NewsWire\n \n \n \n \n \n /NOT FOR DISTRIBUTION TO\n \n UNITED STATES\n \n NEWSWIRE SERVICES OR FOR DISSEMINATION IN\n \n THE UNITED STATES\n \n /\n \n \n \n \n \n WINNIPEG, MB\n \n \n ,\n \n \n Sept. 16, 2022\n \n \n /CNW/ - Marwest Apartment Real Estate Investment Trust (\"\n \n Marwest Apartment REIT\"\n \n or the\n \n \"REIT\"\n \n ) (TSXV: MAR.UN) is pleased to announce that it has entered into an agreement, on\n \n September 16, 2022\n \n , to purchase 153 multi-family residential units (the \"\n \n Prairie View Pointe Property\n \n \") in\n \n Winnipeg, Manitoba\n \n .\n \n \n \n \n \n \n \n \n \n The purchase consists of 153 units which were completed in 2021. The Prairie View Pointe Property is currently fully occupied.\n \n \n \"We are excited to announce our first third party acquisition with the Prairie View Pointe Property.  The Prairie View Pointe Property is a welcome addition to our portfolio as we continue to grow.\" said\n \n William Martens\n \n , CEO of the REIT.\n \n \n \n The Prairie View Pointe Property\n \n \n \n The Prairie View Pointe Property is located at 2756-2766 Main Street,\n \n Winnipeg, Manitoba\n \n comprising of 153 units.  Prior to closing, the REIT will enter into an assumption agreement with the current first-mortage lender on the property.\n \n \n \n Prairie View Pointe Acquisition\n \n \n \n The value of the Prairie View Pointe Property has been agreed to be\n \n $42,000\n \n ,000  for the acquisition. As the REIT will be purchasing the beneficial interest in the property, the chattels and assumed contracts in the Prairie View Pointe Property, the purchase price is the value of\n \n $42,000,000\n \n less the outstanding debt to the vendor.\n \n \n On closing, the REIT anticipates paying cash to satisfy the purchase price.  The anticipated funds to close will be settled with cash on hand in addition to proceeds from the early refinancing of the Brio Pha...

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