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Lanesborough REIT Sells Fort McMurray Apartments
Financially strapped Lanesborough REIT has agreed to sell an apartment property in Fort McMurray, Alta., to a buyer controlled by an insider.
Winnipeg-based Lanesborough said it will divest the Nelson Ridge Estates property at 101 Loutit Road to 7254751 Manitoba Ltd. (725) for $22 million mainly through mortgage assumptions. The buyer will also provide a $20,000 cash deposit to Lanesborough, extend a line of credit to Lanesborough by $228,823.62 and pay the balance of the purchase price in cash on closing.
Arni Thorsteinson, Lanesborough’s vice-chair, controls 725. Since it is experiencing financial hardship, Lanesborough is legally exempt from the requirement to obtain the approval of its minority unitholders, the REIT said in a news release.
The transaction is expected to close in May 2024.
- ◦Lease
- ◦Financing
- ◦Economy