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WINNIPEG, MB, Sept. 16, 2022 /CNW/ – Marwest Apartment Real Estate Investment Trust ("Marwest Apartment REIT" or the "REIT") MAR is pleased to announce that it has entered into an agreement, on September 16, 2022, to purchase 153 multi-family residential units (the "Prairie View Pointe Property") in Winnipeg, Manitoba.
The purchase consists of 153 units which were completed in 2021. The Prairie View Pointe Property is currently fully occupied.
"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 William Martens, CEO of the REIT.
The Prairie View Pointe Property
The Prairie View Pointe Property is located at 2756-2766 Main Street, Winnipeg, Manitoba comprising of 153 units. Prior to closing, the REIT will enter into an assumption agreement with the current first-mortage lender on the property.
Prairie View Pointe Acquisition
The value of the Prairie View Pointe Property has been agreed to be $42,000,000 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 $42,000,000 less the outstanding debt to the vendor.
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 Phase I mortgage and by way of second mortgage on the Kenwood property of $4,000,000. Marwest Asset Management Inc. will be waiving the acquisition fee of $420,000, on the acquisition of the Prairie View Pointe Property.
Anticipated Closing Date
The Prairie View Pointe Acquisition is currently anticipated to close October 31, 2022 or earlier.
The information in this news release includes certain information and statements about management's views of future events, expectations, plans and prospects that constitute forward– looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward–looking statements. Forward–looking statements in this news release include, but are not limited to, the potential completion of the Prairie View Pointe Acquisition. Any number of factors could cause actual results to differ materially from these forward–looking statements as well as future results. Although management of the REIT believes that the expectations reflected in forward– looking statements are reasonable, it can give no assurances that the expectations of any forward– looking statements will prove to be correct. Except as required by law, the REIT disclaims any intention and assumes no obligation to update or revise any forward–looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward–looking statements or otherwise.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.
SOURCE Marwest Apartment Real Estate Investment Trust
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