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Artis Real Estate Investment Trust Closes the Sale of GTA Industrial Portfolio
Artis Real Estate Investment Trust Closes the Sale of GTA Industrial Portfolio ...
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[{"type":"text","content":"\n \n \n \n Artis Real Estate Investment Trust Closes the Sale of GTA Industrial Portfolio\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 WINNIPEG, MB\n \n ,\n \n July 16, 2021\n \n /CNW/ - Artis Real Estate Investment Trust (\"Artis\" or the \"REIT\") (TSX: AX.UN) announced today the closing of 26 of the 28 properties included in the previously announced\n \n Greater Toronto Area\n \n (\"GTA\") industrial portfolio sale. The sale of the 26 assets generated gross proceeds of\n \n $696.7 million\n \n . The remaining two properties are expected to close in the third quarter of 2021 and generate gross proceeds of\n \n $53.3 million\n \n .\n \n \n \n \n \n \n \n \n \n The total sale price for the portfolio of\n \n $750.0 million\n \n represents a price per square foot of\n \n $297\n \n . After adjusting for one outstanding mortgage of approximately\n \n $15.2 million\n \n and anticipated closing costs, the transaction will generate total net proceeds of approximately\n \n $734 million\n \n , exceeding the REIT's most recently reported International Financial Reporting Standards fair value of\n \n $550.7 million\n \n by 36.2%.\n \n \n \"We're pleased to unlock value for our owners with the closing of this milestone transaction,\" said\n \n Samir Manji\n \n , President and Chief Executive Officer of Artis. \"This sale will allow us to meaningfully reduce debt and will provide us with the financial flexibility to pursue our return of capital and value investing strategies.\"\n \n \n The transaction was the result of an internally managed, formal and extensive sale process.\n \n \n Artis is a diversified Canadian real estate investment trust with a portfolio of industrial, office and retail properties in\n \n Canada\n \n and\n \n the United States\n \n . Artis' vision is 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 repayment, return of capital and value investing in real estate.\n \n \n \n Cautionary Statements\n \n \n \n Thi...