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Ontario  + Apartments  | 
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 Sells Two Ottawa Apartment Properties for $86M

Minto Apartment REIT has sold two Ottawa 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 and comprises 311 suites. Tanglewood and Chesterton/Bowhill were sold unconditionally for $32.million and $53.8 million respectively, the parties announced in a news release.

“We are pleased to be playing a role in addressing the affordable housing issue in Canada by conveying these assets to OCH, who can maintain their affordability indefinitely,” said Jonathan Li, Ottawa-based Minto’s president and CEO.

“We are also very pleased to generate cash from internal sources to reduce leverage in a transaction that is accretive to [funds from operations] and [adjusted funds from operations] per unit.

Minto said the transaction reduces both the average age of its portfolio and future capital requirements while strengthening the REIT’s balance sheet.

The divestment has reduced Minto’s debt-to-gross-booking-value ratio by 187 basis points to 40.9%, and lowered its portfolio’s exposure in Ottawa to 37% from 39%.

Photo: Minto Apartment REIT


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.

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