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Artis Real Estate Investment Trust Announces US$58 Million Joint Venture Industrial Project With Nuveen Real Estate and Provides Update on Enhanced Asset Disposition Program
Artis Real Estate Investment Trust Announces US$58 Million Joint Venture Industrial Proje...
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[{"type":"text","content":"\n \n \n \n Artis Real Estate Investment Trust Announces US$58 Million Joint Venture Industrial Project With Nuveen Real Estate and Provides Update on Enhanced Asset Disposition Program\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 Artis entered into a\n \n US$58 million\n \n joint venture development agreement with Nuveen Real Estate for a 561,000 square foot state-of-the-art industrial project in the\n \n Greater Phoenix Area\n \n ,\n \n Arizona\n \n \n \n The REIT completed the sale of three non-core assets in\n \n December 2020\n \n : Strathcona Shoppers Centre, ASM America Headquarters Building and 1110 Pettigrew Avenue\n \n \n Artis sold seven properties and one parcel of development land during Q4-20 for aggregate sale prices of\n \n $187.2 million\n \n and\n \n US$32.5 million\n \n , exceeding the REIT's IFRS fair values by\n \n $4.2 million\n \n and\n \n US$7.0 million\n \n , respectively\n \n \n \n \n WINNIPEG, MB\n \n ,\n \n Jan. 6, 2021\n \n /CNW/ - Artis Real Estate Investment Trust (\"Artis\" or the \"REIT\") (TSX: AX.UN) announced that it has entered into a new joint venture agreement with Nuveen Real Estate (\"Nuveen\") for an industrial development project in the\n \n Greater Phoenix Area\n \n ,\n \n Arizona\n \n , and provided an update on the REIT's enhanced asset disposition program, including the recent sale of three non-core assets. Proceeds from these sales were used to fulfil the REIT's commitment to strengthen its balance sheet and improve its credit profile.\n \n \n \n \n \n \n \n \n \n \n Joint Venture Industrial Development Project with Nuveen Real Estate\n \n \n \n Artis has entered into a new joint venture agreement with Nuveen Real Estate for the development of\n \n Park Lucero East\n \n , a\n \n US$58 million\n \n state-of-the-art industrial development project in the\n \n Greater Phoenix Area\n \n ,\n \n Arizona\n \n . The project is expected to comprise three Class A industrial buildings totaling approximately 561,000 square feet. Artis will develop the ...