Minto Apartment REIT has sold five non-core assets in separate deals for $128 million.

The deals were completed in 2023 and early 2024. The transaction included the previously announced sale of two Ottawa properties, Tanglewood and a selection of suites in the Parkwood Hills complex, to the Ottawa Community Housing Corporation for $86 million in February. The latter two assets comprise 311 suites.

Ottawa-based Minto discussed the deals in its 2023 fourth quarter report.

“The successful execution of our capital recycling program has strengthened our balance sheet and further reduced our variable-rate debt exposure into early 2024,” said Jonathan Li, Minto’s president and CEO.

During 2023, Minto also waived on an acquisition and other opportunities presented to the REIT, deferred a major intensification project and secured upward refinancings, he added.

“At times, these decisions were difficult – but they were necessary – as they have best-positioned the REIT to become a growth story once again,” Li said.

Photo: Minto Apartment REIT