Winnipeg, MB, April 11, 2024 /CNW/ – Artis Real Estate Investment Trust (“Artis” or “REIT”) (TSX: AX.UN) is aware of media reports that it has entered into a conditional agreement to sell Park 8Ninety, an industrial property located in the District. doing. Houston metropolitan area, texas.
The REIT can confirm that it has entered into a conditional agreement to sell Park 8 Ninety. 234.2 million USDpremium to IFRS fair value December 31, 2023represents the price per square foot. $128. The transaction is subject to customary closing conditions and is expected to close in the second quarter of 2024.
“The completion of the sale of Park 8 Ninety will be another important step in achieving our goals of strengthening our balance sheet, reducing debt and increasing liquidity,” he said. . Sameer ManjiPresident and Representative Director of Artis.
Park 8Ninety will be developed in five phases from 2017 to 2022 and consists of 12 buildings with a total leasable area of ​​1,823,410 square feet.
REIT will provide additional updates as needed.
Artis is a diversified Canadian real estate investment trust with a portfolio of Canadian industrial, office and retail real estate. Canada and US. Artis’ vision is to be a best-in-class real estate asset management and investment platform with a focus on value investing.
Notes
This press release contains forward-looking statements. For this purpose, statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the foregoing, the words “expect,” “anticipate,” “intend,” “estimate,” “plan,” “seek,” and similar expressions of such words and phrases; Statements that state changes, or specific actions, events, or results that “may,” “will,” or “will” occur or be achieved do not constitute forward-looking statements. The purpose is to identify. Specifically, building Artis into a best-in-class asset management and investment platform focused on value investing in real estate, the REIT’s ability to strengthen its balance sheet, increase liquidity and meet future obligations; Statements regarding the use of investment proceeds. Transactions are forward-looking statements. Forward-looking statements are based on a number of factors and assumptions used in developing such statements, which may prove to be inaccurate. Artis cannot assure investors that actual results will correspond to forward-looking statements, and Artis may not update or update such forward-looking statements to reflect actual events or new circumstances. We are not obligated to make any corrections. All forward-looking statements contained in this press release are qualified by this cautionary statement.
Source Artis Real Estate Investment Trust
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