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WINNIPEG, MB, Sept. 16,
2022 /CNW/ - Marwest Apartment Real Estate Investment
Trust ("Marwest Apartment REIT" or the "REIT") (TSXV:
MAR.UN) 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.
Forward-looking Statements
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