Canadian Apartment Properties REIT (CAPREIT) has plans to sell its mobile home business to TPG Real Estate for C$740 million ($540 million).
The unencumbered MHC portfolio comprises 12,138 residential lots spread across 75 community sites located throughout Canada.
“We look forward to a smooth and successful transition with TPG Real Estate. TPG Real Estate has advised CAPREIT that as a long-standing investor in the Canadian real estate sector, it intends to partner with the existing team to manage and grow the MHC portfolio going forward,” said Mark Kenney, president and CEO of 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,” added Julian Schonfeldt, CIO of 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
