Artis REIT has sold a downtown Winnipeg office building to an unidentified buyer.

Brett Intratater of Cushman & Wakefield’s Stevenson investment team announced the completion of the off-market transaction on LinkedIn. The deal includes 220 Portage Avenue, which is described as a premier class B-plus office asset, and the Garry Street Parkade at 295 Garry Street.

Financial terms and the seller were not disclosed but Artis was previously known to be the building’s owner. The deal is one of many downtown Winnipeg office building transactions that have been completed in the past two years as business leaders seek to revitalize the Manitoba capital’s core.

In some cases, office buildings are being converted to mixed-use assets.

C&W represented the buyer in the transaction. Intratater said he acquisition offers strong existing cash flows and potential income growth through additional leasing opportunities.

Winnipeg-based Artis has sold many properties in Canada and the U.S. within the past 18-24 months primarily for debt-reduction purposes. The 200 Portage disposition come after Artis concluded a strategic review process that shed $1.1 billion worth of properties.

To further address upcoming debt obligations, Artis also finalized terms for new three-year senior secured credit facilities totalling $520 million.

Launched in August 2023, the review was conducted by a special board committee that worked alongside external advisors and aimed to evaluate strategic options to unlock and maximize value for unitholders. During the process, Artis considered the sale of the REIT’s entire business but decided that option would not be feasible.

Artis is a diversified Canadian REIT with a portfolio of industrial, office, and retail properties across Canada and the U.S.

Pictured: Office building at 200 Portage Avenue in Winnipeg

Photo: Capital Commercial