MINTO APARTMENT REIT ANNOUNCES AGREEMENTS TO ACQUIRE TWO PREMIUM DOWNTOWN PROPERTIES FOR AN AGGREGATE OF $201 MILLION

About this update from Minto Apartment Real Estate Investment Trust

[{"type":"text","content":"\n \n \n \n MINTO APARTMENT REIT ANNOUNCES AGREEMENTS TO ACQUIRE TWO PREMIUM DOWNTOWN PROPERTIES FOR AN AGGREGATE OF $201 MILLION\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n — Niagara West\n \n \n in\n \n Toronto\n \n and The International in\n \n Calgary\n \n add a total of 753 suites to the REIT's portfolio\n \n \n —\n \n \n \n \n Highlights\n \n \n \n \n Agreement to acquire a 28.35% managing interest in 39 Niagara Street (\"Niagara West\") located in downtown\n \n Toronto\n \n at the intersection of Front Street West and\n \n Bathurst Street\n \n . Niagara West is a high-rise building completed in 2020 comprising 501 suites and approximately 52,600 square feet of at-grade retail. The purchase price of\n \n $114.5 million\n \n will be satisfied by cash payment, assumption of mortgage and an issuance of securities;\n \n \n Agreement to acquire a 100% interest in 220 4th Avenue SW (\"The International\") in downtown\n \n Calgary\n \n , a 34-storey building containing 252 suites and approximately 2,700 square feet of commercial space for\n \n $86.5 million\n \n , to be satisfied by cash payment and assumption of mortgage;\n \n \n Both properties are institutional quality and located in core urban locations, offering above-average net operating income growth potential;\n \n \n \n \n The REIT's suite count increases by 10% with the acquisition of these properties; and\n \n \n Satisfaction of the purchase prices for the two transactions will result in the assumption by the REIT of an aggregate of\n \n $108.4 million\n \n in existing mortgages, a\n \n $26.9 million\n \n draw on the REIT's revolving credit facility and the issuance of 2,985,956 exchangeable Class B limited partner units of Minto Apartment Limited Partnership (\"MALP\") at a price of\n \n $22.00\n \n per Class B limited partner unit, which represents a premium of 9% to the last closing price of the REIT's publicly traded units into which the Class B limited partner units are exchangeable.\n \n \n \n \n \n OTTAWA, ON...

More updates from Minto Apartment Real Estate Investment Trust