ACQUISITION OF HIGH-QUALITY STUDENT HOUSING ASSET IN OTTAWA, ONTARIO

We are pleased to announce the acquisition of a purpose-built student accommodation asset located at 417 Nelson Street, Ottawa, Ontario (“417Nelson”).

417Nelson is a modern 4-storey building with 94 beds in 53 fully furnished units. The property is in close proximity to our other Ottawa properties, which allows for operational efficiencies and enables us to continue to provide high-quality accommodation to students in the area. With this acquisition, we were able to assume attractive in-place CMHC financing which has a below-market interest rate of 2.32% and over six years of remaining term.

With the addition of 417Nelson, Alignvest Student Housing REIT now owns a portfolio of over 5,300 beds across 13 properties in six university-focused Canadian markets.

Below is the link to the full press release announcing the acquisition of 417Nelson.