Business
ARTIS REAL ESTATE INVESTMENT TRUST ANNOUNCES CLOSING OF SALE OF HOUSTON INDUSTRIAL PORTFOLIO
ARTIS REAL ESTATE INVESTMENT TRUST ANNOUNCES CLOSING OF SALE OF HOUSTON INDUSTRIAL PORTFOLIO ...
About this update from Rfa Financial Inc.
[{"type":"text","content":"\n \n \n \n ARTIS REAL ESTATE INVESTMENT TRUST ANNOUNCES CLOSING OF SALE OF HOUSTON INDUSTRIAL PORTFOLIO\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 \n WINNIPEG, MB\n \n \n ,\n \n \n July 15, 2024\n \n \n /CNW/ - Artis Real Estate Investment Trust (\"Artis\" or the \"REIT\") (TSX: AX.UN) announced today that it has closed on the previously announced sale of Park 8Ninety, a portfolio of industrial properties in the\n \n Greater Houston Area\n \n ,\n \n Texas\n \n .\n \n \n \n \n \n \n \n \n \n \"Strengthening our balance sheet, reducing debt and enhancing liquidity continues to be our primary near-term objective,\" said\n \n Samir Manji\n \n , President and Chief Executive Officer of Artis. \"This disposition is an important step towards achieving this objective and will provide us with greater flexibility to navigate the current environment. We are very pleased with the terms we were able to negotiate on behalf of our owners and look forward to demonstrating continued success in executing our disposition strategy throughout the remainder of the year.\"\n \n \n Park 8Ninety, located in the\n \n Greater Houston Area\n \n ,\n \n Texas\n \n , was developed in five phases between 2017 and 2022 and comprises 12 industrial buildings that total 1,823,410 square feet of leasable area. The sale price was\n \n US$234.2 million\n \n , representing a price per square foot of\n \n US$128\n \n . The properties had approximately\n \n US$59.0 million\n \n of mortgage financing at the time of the sale. Proceeds from the sale of Park 8Ninety will be used to reduce overall debt.\n \n \n Artis is a diversified Canadian real estate investment trust with a portfolio of industrial, office and retail properties in\n \n Canada\n \n and\n \n the United States\n \n . Artis's vision is to become a best-in-class real estate asset management and investment platform focused on value investing.\n \n \n \n Cautionary Statements\n \n \n \n This press release contains forward-looking statements. For this purpose, any statemen...