Minto Apartment REIT Announces the Sale of Two Properties to Ottawa Community Housing Corporation for $86 million

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[{"type":"text","content":"\n \n \n \n Minto Apartment REIT Announces the Sale of Two Properties to Ottawa Community Housing Corporation for $86 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 — Sale price is in line with IFRS values and the Transaction is aligned with the REIT's capital recycling strategy —\n \n \n \n \n \n OTTAWA, ON\n \n \n ,\n \n \n Jan. 9, 2024\n \n \n /CNW/ - Minto Apartment Real Estate Investment Trust (the \"REIT\") (TSX: MI.UN) is pleased to announce the sale of two properties comprising 311 suites located in\n \n Ottawa, Ontario\n \n , to Ottawa Community Housing Corporation (\"OCH\") (the \"Transaction\"). The total sale price of\n \n $86 million\n \n for the Tanglewood and Chesterton/Bowhill properties is in line with the REIT's IFRS values for the assets. Upon closing, the proceeds of approximately\n \n $69 million\n \n , net of mortgages and commissions, will be used to repay a portion of the REIT's variable-rate revolving credit facility.\n \n \n \n \n Transaction Highlights\n \n \n \n \n \n The agreement between OCH and the REIT marks a significant milestone in increasing and protecting\n \n Ottawa's\n \n affordable housing supply as the demand for housing solutions for low- to moderate-income levels has never been more pressing.\n \n \n ARRIV Properties, the banner for OCH's affordable housing rentals, will oversee the management of both properties following the Transaction and ensure a seamless transition, minimizing any disruptions to current tenants.\n \n \n The Transaction results in a reduction in the average age of the REIT's portfolio, and will also reduce future capital requirements.\n \n \n The sale price of\n \n $86 million\n \n is in line with the REIT's IFRS values for the assets and is supported by an appraisal commissioned by OCH.\n \n \n The Transaction strengthens the REIT's balance sheet, providing increased flexibility with respect to its refinancing, operating and investment strategies. As a result of the Transaction, pro ...

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