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Alberta & Prairies  + Office  | 
An anticipated increase in Canadian distressed office sales will mainly involve older properties, says a Cushman & Wakefield workplace strategies specialist.

Artis Divests $112.7M in Assets

Artis REIT has sold $112.7 million in recent months.

Winnipeg-based Artis said it made the divestments in, and subsequent to, the third quarter.

The transactions closed, or were unconditional, during that time frame. The assets included five office properties spanning 493,820 square feet. Artis did not provide the locations of the properties.

“Proceeds from these transactions, along with additional dispositions underway, will enable us to continue reducing our overall debt, which is a key near-term priority for Artis,” said the REIT in a news release accompanying its third quarter report.

The REIT said it disposed of one office building for $3.5 million without giving further details.

Artis announced that it has established a special committee to initiate a strategic review process designed to unlock and maximize unit value for investors. BMO Nesbitt Burns will provide financial advisory services and assist with the strategic review.

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Inside The Story

Artis REITSamir Manji

About Monte Stewart

Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate. Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s. In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star. Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.

  • ◦Sale/Acquisition
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