Maritimes
Killam Apartment REIT Sells $72.2M of Assets
Killam Apartment REIT sold $72.2 million worth assets in the second quarter.
Halifax-based Killam completed three dispositions during the period, the REIT said in its quarterly report.
Philip Fraser, Killam’s president and CEO, said the REIT is on track to sell $100 million of non-core assets and exceed its capital recycling program.
Killam sold a 108-unit apartment complex in Halifax for $33 million, a 102-unit property in Ottawa ($17.9 million) and 122 units in Charlottetown, P.E.I., for $21.3 million.
Two developments totalling 181 units achieved substantial completion during the second quarter, said Killam. The REIT is developing the 139-unit Carrick in Waterloo, Ont., has a 10-per-cent stake in Calgary’s Nolan Hill development and is committed to buying the remaining 90 per cent.
The three-building Nolan Hill project is being built in three phases at a cost of $65 million. Killam expects to complete the first building in September and the other two by the end of 2023.
- ◦Lease
- ◦Sale/Acquisition
- ◦Development
- ◦Financing
