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Clarke has divested assets outside its Nova Scotia base to help fund construction of a large Ottawa multi-family rental housing development project's second phase.

Clarke Sells Canadian, U.S. Assets to Fund Ottawa MF Development

Clarke has divested assets outside its Nova Scotia base to help fund construction of a large Ottawa multi-family rental housing development project’s second phase.

Halifax-based Clarke reported that it completed the sale of its one-third ownership stake in the 1111 Atwater Avenue condominium development in downtown Montreal. The company received net proceeds of $16.5 million in cash and a $9.7-million secured loan from one of its former partners in the development. The disposition spelled an $8.1-million gain for accounting purposes.

Clarke also sold two Houston office buildings for $7.5 million in net proceeds. The two investment properties experienced a fair-value decrease of $4.3 million after the values were remeasured. A remaining Houston property also recorded a fair-value decrease, of $3.5 million in 2023.

Meanwhile, Clarke has agreed to sell its wholly owned U.S.-based subsidiary Holloway Lodging to George Armoyan, Clarke’s chairman, and his immediate family member for US $3.2 million. The deal is expected to close this month.

Tom Casey, Clarke’s CFO, said the capital from the dispositions will be used on construction of the second phase of the Talisman residential project in Ottawa and other renovations and repurposing opportunities.

In the fall of 2023, Clarke raised $36 million through a refinancing effort to help fund the project. The Talisman’s second phase will comprise three towers and 612 rental units as well as some ground-floor retail spaces. In June, residents will move into the first phase, which consists of two towers and 404 suites.

Clarke is a publicly traded investment and real estate company with diverse business and property holdings in Canada and the U.S.


Inside The Story

Tom CaseyClarke

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.

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