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In The News

Artis Real Estate Investment Trust
Monday, 18 December 2017

Artis Real Estate Investment Trust (TSX: AX.UN) ("Artis" or the "REIT") announced today that it has sold Quarry Park Portfolio, a portfolio of three office properties located in Calgary, Alberta, and entered into an unconditional agreement to sell Millennium Centre, an office property located in Red Deer, Alberta.

The Quarry Park Portfolio comprises three office properties located in the Quarry Park commercial/residential area of Calgary, Alberta, totaling 282,327 square feet of gross leasable area. The portfolio was sold for $98.0 million ($347 per square foot). The transaction closed on September 15, 2017.

Millennium Centre is a 148,871 square foot office property located in Red Deer, Alberta. The sale price for this property is $33.0 million ($222 per square foot). This transaction is expected to close on December 1, 2017.

"The sale of these assets further reduces our exposure to the Alberta office market, which became a strategic initiative for Artis since the downturn in oil prices," said Armin Martens, President and Chief Executive Officer of Artis. "These sales are at prices that compare well to our internal fair value of approximately $15 per unit, and will provide us with capital to recycle into newer generation real estate in our other target markets, further improving the diversity and resiliency of our overall portfolio."

For Ful Article, see: SOURCE Artis Real Estate Investment Trust

 

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