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Alberta & Prairies  + Ontario  + Apartments  | 
Edmonton's industrial real estate market has recorded its 14th consecutive quarter of positive absorption according to a new Avison Young report.

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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Minto Apartment REIT

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.

  • ◦Lease
  • ◦Sale/Acquisition
  • ◦Financing
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