Minto Apartment REIT Announces Sale of its Remaining Edmonton Portfolio
— Net proceeds from the sale used to reduce its revolving credit facility —
OTTAWA, ON, Dec. 11, 2023 /CNW/ - Minto Apartment Real Estate Investment Trust (the "REIT") (TSX: MI.UN) today announced the closing on December 7, 2023 of the sale of its remaining two properties located in Edmonton, Alberta. The York House and The Lancaster House comprise 190 units across the two properties. The total sale price of $32.3 million is in-line with the REIT's IFRS net asset values and the proceeds from the sale of $7.0 million, net of mortgages and commissions, were used to repay a portion of its variable-rate revolving credit facility.
"The sale of these properties is consistent with our capital recycling strategy." said Jonathan Li, President and Chief Executive Officer of Minto Apartment REIT. "In total, the REIT has completed $42.2 million of dispositions this year and has utilized the proceeds to reduce variable-rate debt, furthering our objective of enhancing cash flow per unit."
Minto Apartment Real Estate Investment Trust is an unincorporated, open-ended real estate investment trust established pursuant to a declaration of trust under the laws of the Province of Ontario to own income-producing multi-residential properties located in urban markets in Canada. The REIT owns a portfolio of high-quality income-producing multi-residential rental properties located in Toronto, Montreal, Ottawa and Calgary. For more information on Minto Apartment REIT, please visit the REIT's website at https://www.mintoapartmentreit.com.
SOURCE Minto Apartment Real Estate Investment Trust