Minto Apartment REIT Completes $86 million Sale of Two Properties to Ottawa Community Housing Corporation

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[{"type":"text","content":"\n \n \n \n Minto Apartment REIT Completes $86 million Sale of Two Properties to Ottawa Community Housing Corporation\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 \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n OTTAWA, ON\n \n \n ,\n \n \n Feb. 15, 2024\n \n \n /CNW/ - Minto Apartment Real Estate Investment Trust (the \"REIT\") (TSX: MI.UN) announced today the successful completion of its previously announced sale of the Tanglewood and Chesterton/Bowhill properties located in\n \n Ottawa, Ontario\n \n , to Ottawa Community Housing Corporation for gross proceeds of\n \n $86 million\n \n . The net proceeds of\n \n $68 million\n \n , after mortgage repayments and disposition costs, will be used to repay a portion of the variable-rate debt under the REIT's revolving credit facility.\n \n \n \"The successful completion of this accretive sale strengthens the REIT's balance sheet and provides increased flexibility with respect to the REIT's refinancing, operating and investment strategies.\" said\n \n Jonathan Li\n \n , President and Chief Executive Officer of the REIT.\n \n \n This will mark the second recent reduction in the REIT's variable-rate debt following a\n \n $30 million\n \n pay down of the revolving credit facility that was made on\n \n January 31, 2024\n \n , from funds received in connection with the repayment of the convertible development loan related to Fifth + Bank property located in\n \n Ottawa, Ontario\n \n . In addition, as previously disclosed, the REIT is currently evaluating upward refinancing opportunities that may generate incremental net financing proceeds of\n \n $55\n \n to\n \n $65 million\n \n which will be used to repay portions of the revolving credit facility.\n \n \n \n About Minto Apartment Real Estate Investment Trust\n \n \n \n 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\n \n Ontario\n \n to own income-producing multi-residential properties located in\n \n Canada\n \n . The REIT owns a portfolio...

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