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Artis Real Estate Investment Trust Provides Update on Property Dispositions Above IFRS Fair Value and on Active NCIB Program
Artis Real Estate Investment Trust Provides Update on Property Dispositions Above IFRS Fa...
About this update from Rfa Financial Inc.
[{"type":"text","content":"\n \n \n \n Artis Real Estate Investment Trust Provides Update on Property Dispositions Above IFRS Fair Value and on Active NCIB 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 \n \n \n \n \n \n Canada NewsWire\n \n \n WINNIPEG, MB, Nov. 19, 2020\n \n \n \n \n \n Completion of two additional sales under Artis' asset disposition program, part of a strategy to improve the REIT's growth profile and strengthen its balance sheet, for an aggregate sale price of\n \n $148.3 million\n \n , exceeding the IFRS fair value by\n \n $2.1 million\n \n \n \n Artis remains ahead of schedule on disposition program, having successfully completed approximately\n \n $950 million\n \n of asset sales at an aggregate sale price exceeding the IFRS fair value of such assets since\n \n November 2018\n \n \n \n Proceeds will be used to follow through on commitment to improve balance sheet and liquidity and to return capital to unitholders through unit buybacks\n \n \n \n \n \n \n WINNIPEG, MB\n \n ,\n \n Nov. 19, 2020\n \n /CNW/ - Artis Real Estate Investment Trust (\"Artis\" or the \"REIT\") (TSX: AX.UN) today announced that, in accordance with the REIT's previously announced asset disposition program, it has completed the sale of Concorde Corporate Centre and Delta Shoppers Mall for an aggregate sale price of\n \n $148.3 million\n \n , exceeding the International Financial Reporting Standards (\"IFRS\") fair values for the properties by  $2.1 million. These sales generated cash that will be used to fulfil the REIT's commitment to strengthen its balance sheet and return capital to unitholders through unit buybacks.\n \n \n \n \n \n \n \n \n \n Artis also provided an update on the REIT's active Normal Course Issuer Bid (\"NCIB\") program.\n \n \n \n Property Dispositions\n \n \n \n On\n \n November 16, 2020\n \n , Artis sold Concorde Corporate Centre, a 565,190 square foot office complex located in\n \n Toronto, Ontario\n \n . The sale price of\n \n $114.0 million\n \n represents a capitalization rate of 5.0% and exceeds the REIT's IFRS fair value of\n \n $112.1 million\n \n by\n \n $1....