Minto Apartment REIT has agreed to sell its 150 Roehampton property in Toronto’s Midtown areaa for $90.75 million to an unidentified private real estate investor.

The sale price represents a premium to the REIT’s IFRS value for the asset, said Minto. Net proceeds of approximately $67 million, after mortgages and commissions, will be used to repay a portion of the REIT’s variable-rate revolving credit facility and for general trust purposes.

The property, built in 2007, comprises 148 newly renovated apartments and a full suite of amenities, and is located near the intersection of Yonge and Eglinton streets. The transaction is expected to close in the second quarter.

The REIT said the sale is expected to result in a non-cash special distribution. While the final amount is still being assessed, it is anticipated to be consistent with prior disclosure and not exceed $1 per trust unit, primarily in the form of a capital gain for Canadian income tax purposes.

Minto Apartment REIT is an open-ended REIT that owns and operates income-producing multi-residential properties across Canada, with a portfolio concentrated in major urban markets including Toronto, Montreal, Ottawa, Calgary and Vancouver.

Pictured: Minto Apartment REIT’s apartment property at 150 Roehampton Avenue in Toronto.

Photo: REW.ca