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ARTIS REAL ESTATE INVESTMENT TRUST ANNOUNCES $186.7 MILLION OF NEW MORTGAGE FINANCING AND PROVIDES UPDATE ON $121.7 MILLION OF CANADIAN ASSET SALES AND US$117.6 MILLION OF U.S. ASSET SALES
ARTIS REAL ESTATE INVESTMENT TRUST ANNOUNCES $186.7 MILLION OF NEW MORTGAGE FINANCING AND PROVIDE...
About this update from Rfa Financial Inc.
[{"type":"text","content":"\n \n \n \n ARTIS REAL ESTATE INVESTMENT TRUST ANNOUNCES $186.7 MILLION OF NEW MORTGAGE FINANCING AND PROVIDES UPDATE ON $121.7 MILLION OF CANADIAN ASSET SALES AND US$117.6 MILLION OF U.S. ASSET SALES\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 WINNIPEG, MB\n \n \n ,\n \n \n June 8, 2023\n \n \n /CNW/ - Artis Real Estate Investment Trust (\"Artis\" or the \"REIT\") (TSX: AX.UN) announced today that it has obtained new mortgage financing in the amount of\n \n $186.7 million\n \n and provided an update on property disposition activity since\n \n March 31, 2023\n \n .\n \n \n \n \n \n \n \n \n \n The REIT executed the following transactions during the second quarter of 2023:\n \n \n \n obtained new mortgage financing on previously unencumbered properties in the amount of\n \n $186.7 million\n \n ;\n \n \n \n \n closed on the previously announced sale of four properties in\n \n Canada\n \n for an aggregate sale price of\n \n $79.6 million\n \n and one property in the U.S. for\n \n US$28.9 million\n \n ; and\n \n \n \n \n following disclosure of Q1-2023 results on\n \n May 11, 2023\n \n , entered into unconditional agreements to sell one property in\n \n Canada\n \n for a sale price of\n \n $42.1 million\n \n and seven properties and one parcel of land in the U.S. for an aggregate sale price of\n \n US$88.7 million\n \n .\n \n \n \n \"Our primary focus is on reducing leverage and enhancing liquidity throughout the remainder of 2023,\" said\n \n Samir Manji\n \n , President and Chief Executive Officer. \"We are effectively managing our debt maturities and are well positioned to address upcoming debt obligations with property dispositions and other available levers. With\n \n $136.2 million\n \n of Canadian assets and\n \n US$117.6 million\n \n of U.S. assets sold or under unconditional sale agreements to date in 2023, we are on track with our disposition plan for the year. We look forward to providing further updates as we progress in this important area of our business.\"\n \n \n \n Financing Activity\n \n \n \n Since\n \n M...