Canadian Apartment Properties REIT is in the process of selling $210.1 million worth of non-core assets in Quebec, Ontario and Prince Edward Island.

CAPREIT announced that it has completed, or almost closed on, four non-core dispositions in the three provinces.

The Tours Chapdelaine, a two-tower asset in Quebec City was sold for $35.6 million. CAPREIT did not disclose the buyer. However, as Connect reported recently, Nofada announced that it purchased the 214-suite property. CAPREIT has now revealed the previously undisclosed purchase price.

The REIT has also completed the divestment of 370-unit asset in Toronto for $133 million in gross proceeds. with the buyer having assumed the $80.2 million in mortgage principal outstanding. The net price was satisfied partly through an interest-only vendor-take-back loan of $21 million over a three-year term.

CAPREIT has also completed the sale of an unencumbered 42-suite property in Cornwall, P.E.I., for $8 million.

Meanwhile, the REIT has agreed to sell an off-strategy 110-suite property in Newmarket, Ont., for $33.5 million. CAPRREIT will use part of the proceeds to repay the property’s $22.8-million mortgage.

Chief Investment Officer Julian Schonfeldt said the REIT is completing the sale of the non-core properties for prices above their International Financial Reporting Standards fair values.

The REIT will deploy some of the proceeds to repay recently elevated amounts on its revolving credit facility, which incurs higher interest but allows the REIT to acquire core assets.

The transactions bring CAPREIT’s total disposition volume this year to $385 million worth of non-core properties in Canada, said Mark Kenney, the REIT’s president and CEO, in a news release.

Once the sale of its manufactured-homes portfolio to TPG is complete, the total will rise to $1.1 billion, he added.

Pictured: Tours Chapdelaine in Quebec City

Photo: City of Quebec

Photo: CAPREIT