CAPREIT is set to acquire four mixed-use properties in Dublin. It will be the REIT’s first acquisition in Ireland.

“We believe this is an excellent growth opportunity for CAPREIT and a perfect time to expand our presence beyond Canada,” says the company’s president and CEO, Thomas Schwartz. “The Irish and Dublin economies are showing positive momentum as they recover from the global recession.”

The overseas portfolio consists of 338 apartment suites and 33,800 square feet of commercial and retail space between the properties.

Constructed between 2006 and 2008, the rental units are fully furnished and include underground property. All four buildings are situated in residential neighbourhoods in and around Dublin. Occupancy is close to 93 per cent.

CAPREIT purchased the properties for approximately $59 million, excluding transaction costs. The company will pay for the portfolio using cash from a new Euro-denominated credit facility for a term of five years at a rate of approximately 3.45 per cent. CAPREIT plans to enter into a two-year hedging program related to the portfolio’s Euro-denominated cash flows.

The deal, scheduled to close Aug. 30., remains conditional on certain closing matters, including third party deliverables.