Minto Apartment REIT Enhances Portfolio Size and Diversification with Acquisition of Two Calgary Buildings and Provision of Financing for the Redevelopment of an Ottawa Property

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[{"type":"text","content":"\n\n\n\nMinto Apartment REIT Enhances Portfolio Size and Diversification with Acquisition of Two Calgary Buildings and Provision of Financing for the Redevelopment of an Ottawa Property\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\nCanada NewsWire\nOTTAWA, Nov. 22, 2018\n\n\n\nOTTAWA, Nov. 22, 2018 /CNW/ -\nAcquisition of two high quality, recently constructed, and strategically located Calgary buildings Financing provided to Minto Properties Inc. for the redevelopment of a property in Ottawa, with an option to acquire upon stabilization at discount to fair market value Consistent with stated strategy of acquiring assets in core urban markets and leveraging the strategic Minto Group relationship Enhances portfolio quality and diversification to drive long term unitholder value\n \n \n\n \nMinto Apartment Real Estate Investment Trust (the \"REIT\") (TSX: MI.UN) today announced that it has waived its conditions under a definitive agreement to purchase two urban multi-residential rental buildings in Calgary, Alberta (the \"Calgary Properties\") for total consideration of approximately $63.8 million. In addition, by leveraging the REIT's strategic relationship with the Minto Group, the REIT has agreed to advance to Minto Properties Inc. (\"MPI\") up to $30.0 million in financing for the redevelopment of a commercial property strategically located at Fifth Avenue and Bank Street (\"Fifth and Bank\") in Ottawa, Ontario to a mixed use multi-residential and retail property (the \"Financing\"), with the REIT having an exclusive option to purchase the property upon stabilization for 95% of fair market value at that time. \nBenefits of the Acquisition\nThe acquisition of the Calgary Properties is a testament to the REIT's ability to source deals and continue to grow the REIT portfolio's diversification in key Canadian urban markets. Additionally, the Calgary Properties present a further opportunity to create value for unitholders through operating efficiencies due to their proximity to another of the REIT's properties in Calgary, The Laurier.\nThe QuartersThe REIT has agreed to...

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