Artis REIT has generated upwards of $500 million from a widespread asset-sale effort that began last summer.

Winnipeg-based Artis reported that it has sold $473.6 million in assets since launching a strategic review in August designed to enhance unit value. Artis indicated that most of the assets were divested in 2023 and the REIT also sold some in early 2024.

But Artis does not plan to sell its entire business, the REIT said in a review update within its quarterly report.

Artis considered selling its entire business as part of the ongoing review. But Artis and its advisors do not believe that a buyer is prepared to purchase the REIT at a reasonable price relative to management’s estimated net asset value of $13.96 per unit.

“The REIT is continuing to evaluate opportunities relating to the sale of additional retail, office, and industrial assets, with a focus on the industrial portfolio, in its efforts to further deleverage and strengthen the balance sheet, grow NAV per unit, and enhance liquidity,” said Artis.

Artis said it has completed, or entered into, unconditional sale agreements covering $256.2 million of retail assets, $161.9 million of office properties and $55.5 million of industrial real estate. But Artis has not specified which properties traded.

The large retail divestment came after Artis listed 17 Western Canadian shopping centres for sale in January through an Avison Young brokerage team headed by Edmonton-based Principal Reed Newnham.

In 2023, Artis sold nine industrial properties, five retail properties, three office properties and a development land parcel for $322.4 million altogether, said the REIT.