Artis REIT has agreed to sell an eight-property retail portfolio in Western Canada for $222 million.

The sale agreement is unconditional and due to close in first-half 2024 subject to routine Competition Bureau of Canada approval, Winnipeg-based Artis said in a news release.

The portfolio comprises four properties in Calgary totalling 293,660 square feet of leasable area and another four assets in Winnipeg spanning 301,539 sf of leasable area. The sale price of $222 million equates to $373 per square foot, and the properties have approximately $80.5 million of mortgage financing.

Artis said sale proceeds will be used to reduce overall debt..

“The sale of this portfolio of Canadian retail properties is an important step towards achieving our near-term objective of strengthening our balance sheet, reducing debt and enhancing liquidity,” said Samir Manji, the REIT’s president and CEO, in a news release.

The deal comes after Artis announced that it is selling a 17-property Western Canadian retail portfolio amid the debt-reduction effort.