Minto Apartment REIT Announces $131.2 Million Conditional Agreement to Acquire a 40% Interest in an Urban Toronto Property with Three High-Rise Towers and Significant Repositioning and Intensification Potential

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[{"type":"text","content":"\n\n\n\nMinto Apartment REIT Announces $131.2 Million Conditional Agreement to Acquire a 40% Interest in an Urban Toronto Property with Three High-Rise Towers and Significant Repositioning and Intensification Potential\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\nCanada NewsWire\nOTTAWA, July 15, 2019\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR DISSEMINATION IN THE UNITED STATES/\nAcquisition Highlights\nAcquisition of a managing 40% interest in High Park Village, a 750 suite multi-residential rental property in Toronto's High Park neighbourhood for approximately $131.2 million, representing a 5% discount to appraised value; Ongoing repositioning program expected to generate significant return on investment, with further potential value to be gained from intensification; Purchase price to be satisfied through the assumption of an existing mortgage loan, existing credit facilities and issuance of 2,806,122 exchangeable Class B limited partner units of Minto Apartment Limited Partnership at $19.60 per Class B limited partner unit, which will be subject to a four month lock-up; The acquisition increases the REIT's presence in GTA from 21% to 30% based on suite count; Transaction is consistent with stated strategy of executing on acquisitions, increasing portfolio diversification in core urban markets, and leveraging strategic Minto Group relationship; Enhances portfolio quality and diversification to drive long term unitholder value; The terms of the Acquisition were approved by a committee of independent trustees of the REIT, and The Acquisition is exempt from the valuation and minority approval requirements of MI 61-101; however, pursuant to section 604 of the TSX Company Manual, the Acquisition is subject to the approval of a majority of the REIT's unitholders, excluding MPI and its affiliates and associates OTTAWA, July 15, 2019 /CNW/ - Minto Apartment Real Estate Investment Trust (TSX: MI.UN) (the \"REIT\") today announced that its operating subsidiary, Minto Apartment Limited Partnership (the \"Partnership\") has entered...

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