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Minto Apartment REIT Sells Last Two Edmonton Properties
Minto Apartment REIT has sold its two remaining Edmonton properties for $32.3 million.
The two buildings, York House and Lancaster House, contain 190 units altogether. Ottawa-based Minto said it used $7 million in proceeds, net of mortgages and commissions, to repay a portion of its variable-rate revolving credit facility.
The buyer was not identified.
“The sale of these properties is consistent with our capital recycling strategy.” said Jonathan Li, the REIT’s president and CEO, in a news release. “In total, the REIT has completed $42.2 million of dispositions this year and has utilized the proceeds to reduce variable-rate debt, furthering our objective of enhancing cash flow per unit.”
Minto is an unincorporated, open-ended REIT and now owns multi-residential rental properties in Toronto, Montreal, Ottawa and Calgary.
Photo: Shutterstock
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