InterRent Real Estate Investment Trust announced that, together with Crestpoint Real Estate Investments Ltd., it has entered into agreements to acquire 15 properties in Metro Vancouver (the Acquisition Portfolio) for a combined purchase price of $292.5 million. Under the arrangements, InterRent and Crestpoint will each own a 50% interest in the Acquisition Portfolio. InterRent will property manage the Acquisition Portfolio and collect industry standard fees. The acquisition will be financed with a combination of cash and new short term debt of approximately $190.1 million. The acquisition is expected to close on January 28, 2021. The properties are all located in highly desirable, amenity-rich neighbourhoods with a weighted average walk score of 90. The Acquisition Portfolio provides InterRent with a unique opportunity to acquire critical mass and scale in Vancouver. The Vancouver rental market has historically demonstrated strong fundamentals; over the past five-years, the average vacancy rate has been at or below 1.1% and rental rates have grown at a CAGR of 5.9% per year. The expanding tech sector and its outsized proportionate share of immigration all support a very robust demand for multifamily housing in Vancouver. The Canadian government announced increases to the national immigration targets on October 30, 2020. These updated targets represent an increase of 50,000 additional permanent residents per year for 2021 and 2022. Management believes that Vancouver will continue to receive a disproportionately large share of immigrants moving to Canada. The Acquisition Portfolio consists of 15 properties, from 6 vendors, comprising of 614 residential suites. Nine of the properties are concrete mid-rise apartments and six of the properties are wood frame apartments. The properties are in premium locations in the Metro Vancouver submarkets of the West End, Kitsilano/Point Grey, Marpole, and South Granville. The properties are situated in core locations within prominent neighborhoods offering superior walkability, access to transit, major employment, recreational amenities, universities, and downtown Vancouver.