— Sale price is at a premium to IFRS fair value, highlighting the significant net asset value discount implied by the unit price —
OTTAWA, ON, Nov. 15, 2024 /CNW/ - Minto Apartment Real Estate Investment Trust (the "REIT") (TSX: MI.UN) announced today that it has entered into an agreement to sell its Castleview property located in Ottawa, Ontario to a private real estate investor (the "Transaction"). The sale price of $69 million is at a premium to the REIT's IFRS value for the asset. Upon closing, the proceeds of approximately $33.8 million, net of mortgages and commissions, will be used to repay a portion of the REIT's variable-rate revolving credit facility. Castleview was built in 1973 and comprises 241 suites. The Transaction is anticipated to close in late January 2025.
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