CAPREIT Sells MHC Portfolio for $740M
America ı By Rihem Akkouche
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Canadian Apartment Properties Real Estate Investment Trust (CAPREIT) announced Monday that it has agreed to sell its manufactured-home community (MHC) portfolio to TPG Real Estate, the real estate platform of private equity giant TPG, for $740 million.
CAPREIT Sells MHC Portfolio for $740M : Extensive Portfolio in Deal
The portfolio being sold to TPG Real Estate comprises over 12,100 residential lots spread across 75 community sites throughout Canada, according to CAPREIT's announcement.
CAPREIT, touted as Canada's largest publicly traded provider of rental housing, owns about 64,200 residential apartment units, townhomes, and manufactured-home community sites across Canada and the Netherlands as of March 31.
CAPREIT Sells MHC Portfolio for $740M : Background of TPG Real Estate
Founded in 2009, TPG Real Estate operates as the real estate arm of TPG, boasting $18 billion in assets under management, according to the firm's website.
"We look forward to a smooth and successful transition with TPG Real Estate. TPG Real Estate has advised CAPREIT that, as a longstanding investor in the Canadian real estate sector, it intends to partner with the existing team to manage and grow the MHC portfolio going forward," CAPREIT President and CEO Mark Kenney stated.
Financial Structure of the Deal
The deal will be financed partly through an interest-only vendor take-back loan of $140 million, with the remaining $600 million paid in cash, as noted in the statement.
CAPREIT plans to utilize the proceeds to repay the balance on its Canadian revolving credit facility, fund future acquisitions of on-strategy rental properties in Canada, and cover general business purposes, including capital expenditures, debt repayment, and repurchasing trust units.
Strategic Move for CAPREIT
"We intend to use the net proceeds from this strategic sale to strengthen our balance sheet, enhance our liquidity, and further fuel our high-grading capital allocation strategy," said Julian Schonfeldt, chief information officer for CAPREIT. "This pivotal transaction is not only providing CAPREIT with a significant amount of capital, but it also increases management's focus as a pure-play apartment REIT."
Regulatory Compliance and Closing Timeline
The deal is subject to compliance with the Canadian Competition Act and other customary closing conditions, with an expected closure in the fourth quarter of the year.
A representative for TPG did not immediately return a request for comment, and legal counsel information for the parties was not immediately available on Monday.
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