Killam buying 11 Kitchener-Waterloo apt. buildings for $190M

Killam Apartment REIT (KMT-UN-T) has an agreement to acquire an 11-building portfolio on four properties in Kitchener and Waterloo, west of Toronto, for $190.5 million.

In an announcement late Tuesday, the Halifax-based REIT said the 785-unit acquisition will increase its Ontario portfolio by about 25 per cent, to 3,342 units. It also has 485 units under development in Canada’s largest province.

“We are pleased to expand our portfolio in the Kitchener and Waterloo market,” said Philip Fraser, Killam’s president and CEO, in the announcement. “This investment will be a valuable addition to our portfolio based on its attractive locations, alignment with our existing asset base and an opportunity for net operating income growth through unit repositionings and energy-saving investments.”

The purchase price represents a per-unit price of approximately $243,000.

Killam does not identify the vendor in the announcement…[Read More]