District REIT Acquires Wish at Windsong
BURLINGTON, APRIL 14, 2022 – District Property Trust (District REIT™ ) announces the acquisition of the residential property known as “Wish at Windsong,” located at 170 and 180 Northumberland Street in Ayr, Ontario.
District REIT acquired Wish at Windsong from Ayr Meadows Development Inc. on April 14, 2022, marking the REIT’s first acquisition in Ayr and increasing the total residential units in its portfolio by 38.5%. The REIT paid $24.3 million CAD to purchase the property. This acquisition represents a 25% increase in the REIT’s total assets and a 34% increase in its investment property value. The property is a high performing multi-residential asset.
Wish at Windsong consists of two apartment buildings, with 31, one-bedroom and two-bedroom apartments in each building. The buildings are in a prime location in Ayr, minutes away from Foodland, LCBO and the 401 Highway, and only a 30-minute drive from Kitchener. In addition, the apartments feature fine finishes including in-suite laundry and modern kitchens.
“The REIT has been doing extremely well and we have multiple acquisitions on the horizon,” said Carmen Campagnaro, co-founder and trustee of District Property Trust. “Being in the industry for so many years and people knowing about us gives us a leading edge in the market and we are able to acquire properties that aren’t on the market. So the next few acquisitions in the pipeline are all third-party acquisitions and they are really exciting opportunities.”
About District Property Trust
District Property Trust, also known as District REIT™, is a private Real Estate Investment Trust that owns and operates a portfolio of diversified income-producing real estate and real estate mortgage investments. As unit holders, investors can benefit from the capital appreciation of District REIT’s assets through on-going management and value creation strategies.
This press release contains forward-looking information that reflect the current expectations of management of District REIT about REIT’s objectives, future results, performance, prospects, and opportunities. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Trust’s control, which could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to, general and local economic and business conditions; employment levels; mortgage and interest rates and regulations; the uncertainties around the timing and number of future financings; uncertainties surrounding the COVID-19 pandemic; geopolitical events, leasing risks, and interest and currency rate fluctuations. All forward-looking information in this press release speaks as of the date of this press release. The Trust does not undertake to update this press release with any information whether because of new information, future events or otherwise except as required by law.