Artis Real Estate Investment Trust Announces Sale of GTA Industrial Portfolio for $750 Million

About this update from Rfa Financial Inc.

[{"type":"text","content":"\n \n \n \n Artis Real Estate Investment Trust Announces Sale of GTA Industrial Portfolio for $750 Million\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 Artis enters into an agreement to sell GTA industrial portfolio for\n \n $750.0 million\n \n , representing a price per square foot of\n \n $297\n \n \n \n \n \n Sale price for the transaction exceeds the REIT's most recently reported IFRS fair value of\n \n $550.7 million\n \n by 36.2%\n \n \n \n \n Transaction is expected to generate net proceeds of approximately\n \n $734 million\n \n that will be used to strengthen the REIT's balance sheet and to provide liquidity and flexibility to execute the REIT's previously announced strategy\n \n \n \n \n \n \n WINNIPEG, MB\n \n \n ,\n \n June 21, 2021\n \n /CNW/ - Artis Real Estate Investment Trust (\"Artis\" or the \"REIT\") (TSX: AX.UN) announced today that it has entered into an unconditional agreement to sell its\n \n Greater Toronto Area\n \n (\"GTA\") industrial portfolio, comprising 28 properties totaling over 2.5 million square feet of leasable area located in the GTA for\n \n $750.0 million\n \n . The sale price represents a price per square foot of\n \n $297\n \n .\n \n \n \n \n \n \n \n \n \n \"The monetization of our GTA industrial portfolio represents a significant milestone in the implementation of our Business Transformation Plan,\" said\n \n Samir Manji\n \n , President and Chief Executive Officer of Artis. \"This transaction reaffirms the demand for industrial real estate assets and demonstrates the significant value that exists within our diversified real estate portfolio. The net proceeds from the sale will be used to meaningfully reduce our debt and provide ample financial flexibility to execute on our return of capital and value investing strategies.\"\n \n \n In\n \n March 2021\n \n , Artis announced a new vision and strategy for the REIT – to build a best-in-class asset management and investment platform focused on growing net asset value per unit and distributions for investors through debt r...

More updates from Rfa Financial Inc.