The move continues a strategic reposition of the REIT's assets begun in late 2009 and the firm continues to be "actively seeking synergistic and accretive acquisitions through a strong broker network and self-directed private sources."
"This acquisition represents a unique opportunity to enter the Quebec market in a manner where we can obtain immediate synergies with our current operational staff located in Ottawa," chief executive Mike McGahan said in a statement.
"We feel that there is untapped value in Le Strasbourg through repositioning the site as the premier rental option in Aylmer by using our proven formula of decreasing ongoing operational expenses through planned capital expenditures, providing a high quality product and first rate service."
The trust said the four-building complex, comprised of 490 residential suites, is expected to boost its funds from operations - a measure of financial performance - and is located near its operational headquarters in Ottawa.
The property includes two high-rise and two low-rise buildings on a 5.2-hectare site, which includes a separately deeded 0.6 hectare parcel of undeveloped land.
The deal is expected to close on or about Dec. 31.
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