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Minto Apartment REIT has sold five non-core assets in separate deals for $128 million. The deals were completed in 2023 and early 2024.

Minto Completes $86M Sale of Two Ottawa Apartment Properties

Minto Apartment REIT has completed the sale of two properties to the Ottawa Community Housing Corporation for $86 million.

The two properties, known as Tanglewood and Chesterton/Bowhill, are located near each other in the Nepean area of Ottawa and comprise 311 suites.

“The successful completion of this accretive sale strengthens the REIT’s balance sheet and provides increased flexibility with respect to the REIT’s refinancing, operating and investment strategies.” said Jonathan Li, Minto’s president and CEO.

Tanglewood and Chesterton/Bowhill were sold unconditionally for $32.million and $53.8 million respectively, the parties announced in January.

Minto said it generated $68 million in net proceeds from the sale after mortgage repayments and distribution costs. The proceeds will be used to repay a portion of the variable-rate debt under the REIT’s revolving credit facility, said Minto in a news release.

Photo: Minto Apartment REIT

(Connect CRE will award its inaugural Canadian Top Broker Awards this year. The deadline has been extended to February 22. Connect will recognize brokers for their sale and lease deals. Nominate a candidate today.)


Inside The Story

Minto Apartment REITOttawa Community Housing Corporation

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
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