Ottawa-based Minto Apartment Real Estate Investment Trust (TSX: MI.UN) announced the closing of the sale of its remaining two properties located in Edmonton, Alberta.
The York House and The Lancaster House encompass 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 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 CEO 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.”
The REIT owns a portfolio of high-quality income-producing multi-residential rental properties located in Toronto, Montreal, Ottawa and Calgary.