Business
ARTIS REAL ESTATE INVESTMENT TRUST COMMENTS ON REPORTS OF SALE OF HOUSTON INDUSTRIAL PROPERTY
ARTIS REAL ESTATE INVESTMENT TRUST COMMENTS ON REPORTS OF SALE OF HOUSTON INDUSTRIAL PROPERTY ...
About this update from Rfa Financial Inc.
[{"type":"text","content":"\n \n \n \n ARTIS REAL ESTATE INVESTMENT TRUST COMMENTS ON REPORTS OF SALE OF HOUSTON INDUSTRIAL PROPERTY\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 April 11, 2024\n \n \n /CNW/ - Artis Real Estate Investment Trust (\"Artis\" or the \"REIT\") (TSX: AX.UN) is aware of media reports that it has entered into a conditional agreement to sell Park 8Ninety, an industrial property located in the\n \n Greater Houston Area\n \n ,\n \n Texas\n \n .\n \n \n \n \n \n \n \n \n \n The REIT can confirm that it has entered into a conditional agreement to sell Park 8Ninety for\n \n US$234.2 million\n \n , a  premium to IFRS fair value at\n \n December 31, 2023\n \n , and representing a price per square foot of\n \n US$128\n \n . The transaction is subject to routine closing conditions and is expected to close in the second quarter of 2024.\n \n \n \"If completed, the sale of Park 8Ninety would be another important step towards achieving our objective of strengthening our balance sheet, reducing debt and enhancing liquidity,\" said\n \n Samir Manji\n \n , President and Chief Executive Officer of Artis.\n \n \n Park 8Ninety was developed in five phases between 2017 and 2022 and comprises 12 buildings that total 1,823,410 square feet of leasable area.\n \n \n The REIT will provide any additional updates as appropriate.\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's vision is to become a best-in-class real estate asset management and investment platform focused on value investing.\n \n \n \n Cautionary Statements\n \n \n \n This press release contains forward-looking statements. For this purpose, any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the foregoing, the words \"expects\", \"anticipates\", \"intends\", \"estimates\", \"projects\", \"seeks\", and similar expressions...