Business
Marwest Apartment REIT Announces Closing of Acquisition of Element Townhomes
Marwest Apartment REIT Announces Closing of Acquisition of Element Townhomes Ca...
About this update from Marwest Apartment Reit
[{"type":"text","content":"\n \n \n \n Marwest Apartment REIT Announces Closing of Acquisition of Element Townhomes\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 WINNIPEG, MB\n \n ,\n \n Nov. 15, 2021\n \n /CNW/ - Marwest Apartment Real Estate Investment Trust (the\n \n \"REIT\"\n \n ) (TSXV: MAR.UN) is pleased to announce that it has closed its previously announced acquisition of 112 new-generation units over two adjacent multi-family residential properties located in\n \n Winnipeg\n \n , Manitoba.\n \n \n \n \n \n \n \n \n \n \n Key Highlights\n \n \n \n \n The purchase was based on a value of\n \n $27,000,000\n \n for the 112 units, representing a value per unit of approximately\n \n $241,000\n \n .\n \n \n Parties related to the asset manager of the REIT received, in satisfaction of their portion of the purchase price, through the issuance of Class B limited partnership units (\"\n \n Exchangeable Units\n \n \") of the wholly owned subsidiary MAR REIT L.P. (the \"\n \n Partnership\n \n \") units at a deemed value of\n \n $1.15\n \n , which is a significant premium to the current trading price.\n \n \n The REIT was able to target, negotiate, and close on a property within approximately three months of its equity raise, showing the value of the pipeline of assets controlled by the Marwest Group of Companies.\n \n \n \n The acquisition was made by the Partnership through the purchase of all of the issued and outstanding limited partnership units of Marwest (Element) Apartments L.P. (\"\n \n Element LP\n \n \") for an aggregate purchase price of\n \n $2,367,194.35\n \n .\n \n \n The Partnership paid an aggregate purchase price of\n \n $2,367,194\n \n for the Element LP, representing the value of\n \n $27,000,000\n \n less\n \n $24,632,806\n \n , representing the current outstanding debt of the Element LP on closing.  $1,183,597, representing one-half of the purchase price, was satisfied through the issuance o...