Canada NewsWire
— Net proceeds from the sale used to reduce its revolving credit facility —
OTTAWA, ON , Dec. 11, 2023 /CNW/ - Minto Apartment Real Estate Investment Trust (the "REIT") (TSX: MI.UN) today announced the closing on December 7, 2023 of the sale of its remaining two properties located in Edmonton, Alberta . The York House and The Lancaster House comprise 190 units across the two properties. The total sale price of $32.3 million is in-line with the REIT's IFRS net asset values and the proceeds from the sale of $7.0 million , net of mortgages and commissions, were used to repay a portion of its variable-rate revolving credit facility.
"The sale of these properties is consistent with our capital recycling strategy." said Jonathan Li , President and Chief Executive Officer of Minto Apartment REIT. "In total, the REIT has completed $42.2 million of dispositions this year and has utilized the proceeds to reduce variable-rate debt, furthering our objective of enhancing cash flow per unit."
Minto Apartment Real Estate Investment Trust is an unincorporated, open-ended real estate investment trust established pursuant to a declaration of trust under the laws of the Province of Ontario to own income-producing multi-residential properties located in urban markets in Canada. The REIT owns a portfolio of high-quality income-producing multi-residential rental properties located in Toronto, Montreal, Ottawa and Calgary . For more information on Minto Apartment REIT, please visit the REIT's website at https://www.mintoapartmentreit.com .
SOURCE Minto Apartment Real Estate Investment Trust
View original content: http://www.newswire.ca/en/releases/archive/December2023/11/c1635.html