Canada NewsWire
OTTAWA, ON , Jan. 15, 2025 /CNW/ - Minto Apartment Real Estate Investment Trust (the "REIT") (TSX: MI.UN) announced today the closing of its previously announced acquisition of a 50% managing ownership interest in Lonsdale Square, located in North Vancouver . The discounted purchase price to the REIT of $52.9 million was funded through the assumption of the entire $52.9 million mortgage on the property, for which the REIT will be solely responsible. The REIT has also received, concurrently with closing of this acquisition, repayment of the $14 million outstanding convertible development loan associated with the asset.
About Minto Apartment Real Estate Investment Trust
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 Canada . The REIT owns a portfolio of high-quality multi-residential rental properties located primarily in urban centers in Canada's major markets of Toronto , Montreal , Ottawa , Calgary and Vancouver . For more information on Minto Apartment REIT, please visit the REIT's website at: www.mintoapartmentreit.com .
SOURCE Minto Apartment Real Estate Investment Trust
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