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ARTIS REAL ESTATE INVESTMENT TRUST ANNOUNCES UNCONDITIONAL AGREEMENT TO SELL NINE U.S. INDUSTRIAL PROPERTIES
ARTIS REAL ESTATE INVESTMENT TRUST ANNOUNCES UNCONDITIONAL AGREEMENT TO SELL NINE U.S. INDUSTRIAL...
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[{"type":"text","content":"\n\n\n\n ARTIS REAL ESTATE INVESTMENT TRUST ANNOUNCES UNCONDITIONAL AGREEMENT TO SELL 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 July 30, 2024\n \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 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 \"We continue to make solid progress in the execution of our disposition strategy,\" said\n \n Samir Manji\n \n , President and Chief Executive Officer of Artis. \"Along with the closing of the sale of Park 8Ninety announced earlier this month, this portfolio disposition will move us closer to achieving our goal of reducing overall leverage to below 45% and will lower our borrowing costs significantly moving forward. With today's announcement, we are on track to completing a billion dollars of dispositions this year. This will result in a profound change to our balance sheet by year end relative to where we finished 2023. At the same time, it will put Artis in a strong liquidity position that we intend to harness on an opportunistic basis going forward. We look forward to providing further updates with our second quarter results on\n \n August 8\n \n\n th\n \n .\"\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 have approximately\n \n US$58.8 million\n \n of mortgage financing. The tra...