This is an exciting time for CAPREIT. We have in the last few weeks finalized a purchase of 338 apartment suites and 33,800 square feet of commercial and retail space in four properties in Dublin, Ireland.
All of the rental suites are modern, fully furnished, and include underground parking. Constructed between 2006 and 2008, the properties are well maintained, secure, and centered around attractive communal landscaped courtyards and gardens. All are situated in mature and growing residential neighbourhoods in and around the city of Dublin close to major employers, parks, transit, hospitals, shopping and cultural centres.
We believe this is an excellent growth opportunity for CAPREIT and a perfect time to expand our presence beyond Canada. The Irish and Dublin economies are showing positive momentum as they recover from the global recession. In addition, the Dublin rental market has remained strong and vibrant with demand significantly exceeding supply, solid occupancies, and steadily rising average monthly rents.
We also believe there is an excellent opportunity to leverage our proven expertise and people, and build a professional property and asset management team in the Dublin market. There are very few large institutional owners of rental accommodation in Dublin, and we are confident our skills and hands-on approach will generate positive growth .
As part of our overall marketing strategy
was launched in late September with a site designed to meet the needs of Dublin renters. Prior to launch a significant amount of time and research went into the development of a site designed to reside within the www.caprent.com website yet structured to fit the "Irish way". The final product has proven to be simple, functional, well optimized and visually appealing site and results have surpassed expectations to date.
As I have said in the past it's the people that make CAPREIT great and once again a professional team with a proven track record played a key role in making this expansion into Dublin, Ireland a positive experiance and we look forward to future growth and continued success.