Business
ARTIS REAL ESTATE INVESTMENT TRUST ANNOUNCES CLOSING OF SALE OF NINE U.S. INDUSTRIAL PROPERTIES
ARTIS REAL ESTATE INVESTMENT TRUST ANNOUNCES CLOSING OF SALE OF NINE U.S. INDUSTRIAL PROPERTIES ...
About this update from Rfa Financial Inc.
[{"type":"text","content":"\n\n\n\n ARTIS REAL ESTATE INVESTMENT TRUST ANNOUNCES CLOSING OF SALE OF NINE U.S. INDUSTRIAL PROPERTIES\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 WINNIPEG, MB\n \n ,\n \n\n Aug. 12, 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 disclosed sale of a portfolio of nine industrial properties located in the\n \n Greater Phoenix Area\n \n ,\n \n Arizona\n \n , and\n \n the Twin Cities Area\n \n ,\n \n Minnesota\n \n (the \"\n \n Arizona\n \n and Minnesota Industrial Portfolio\").\n \n\n\n\n\n\n\n\n\n \"This portfolio sale is one further step in our overall disposition strategy that has been in place for the past two years,\" said\n \n Samir Manji\n \n , President and Chief Executive Officer of Artis. \"As reported in our second quarter results announced last week, our debt to gross book value has decreased to 49.8% at\n \n June 30, 2024\n \n . Proceeds from this sale will be used to further decrease debt and will bring our leverage below 45%. With a stronger balance sheet and enhanced liquidity, we can pursue growth opportunities, enabling us to grow net asset value per unit and ultimately maximize value for our owners.\"\n \n\n The\n \n Arizona\n \n and Minnesota Industrial Portfolio comprises six properties located in the\n \n Greater Phoenix Area\n \n ,\n \n Arizona\n \n , totalling 822,393 square feet of leasable area and three properties located in\n \n the Twin Cities Area\n \n ,\n \n Minnesota\n \n , totalling 317,646 square feet of leasable area. The sale price of\n \n US$197.4 million\n \n represents a price per square foot of\n \n US$173\n \n , and the properties had approximately\n \n US$58.8 million\n \n of mortgage financing at the time of the sale.\n \n\n Proceeds from the sale of the\n \n Arizona\n \n and Minnesota Industrial Portfolio 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 ...