— 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."
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 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