Halifax, Nova Scotia, Canada-based Killam Properties, Inc. (KMP.TO) announces it is acquiring a 50 percent stake in a 152-unit apartment building in Ottawa, Ontario, called Kanata Lakes Apartments II, in a joint venture with affiliates of KingSett Capital, Inc. and AIMCo Realty Investors LP. Killam’s 50 percent share of the purchase price is $24.4 million with the acquisition expected to close by the end of Sept., 2014, according to newswire.ca.. In connection with the joint venture, Killam will issue $7 million worth of common stock to KingSett and AIMCo giving them a 10.8 percent stake in Killam’s common shares outstanding. Killam is one of the largest owners of manufactured housing communities (MHCs) in Canada. MHProNews reported earlier shares of Killam posted the highest percentage gain of stocks we follow in today’s trading (Sept. 9), moving up +0.97 percent to close at $10.46. ##
