WINNIPEG, MB, July 15,
2024 /CNW/ - Artis Real Estate Investment Trust
("Artis" or the "REIT") (TSX: AX.UN) announced today that it has
closed on the previously announced sale of Park 8Ninety, a
portfolio of industrial properties in the Greater Houston Area, Texas.
"Strengthening our balance sheet, reducing debt and enhancing
liquidity continues to be our primary near-term objective," said
Samir Manji, President and Chief
Executive Officer of Artis. "This disposition is an important step
towards achieving this objective and will provide us with greater
flexibility to navigate the current environment. We are very
pleased with the terms we were able to negotiate on behalf of our
owners and look forward to demonstrating continued success in
executing our disposition strategy throughout the remainder of the
year."
Park 8Ninety, located in the Greater
Houston Area, Texas, was
developed in five phases between 2017 and 2022 and comprises 12
industrial buildings that total 1,823,410 square feet of leasable
area. The sale price was US$234.2
million, representing a price per square foot of
US$128. The properties had
approximately US$59.0 million of
mortgage financing at the time of the sale. Proceeds from the sale
of Park 8Ninety will be used to reduce overall debt.
Artis is a diversified Canadian real estate investment trust
with a portfolio of industrial, office and retail properties in
Canada and the United States. Artis's vision is to become
a best-in-class real estate asset management and investment
platform focused on value investing.
Cautionary Statements
This press release contains forward-looking statements. For this
purpose, any statements contained herein that are not statements of
historical fact may be deemed to be forward-looking statements.
Without limiting the foregoing, the words "expects", "anticipates",
"intends", "estimates", "projects", "seeks", and similar
expressions or variations of such words and phrases or state that
certain actions, events or results ''may'', ''would'' or ''will''
occur or be achieved are intended to identify forward-looking
statements. Particularly, statements regarding building Artis into
a best-in-class asset management and investment platform focused on
value investing, the REIT's ability to strengthen its balance
sheet, enhance its liquidity and use of proceeds of the transaction
are forward-looking statements. Forward-looking statements are
based on a number of factors and assumptions which have been used
to develop such statements, but which may prove to be incorrect.
Artis cannot assure investors that actual results will be
consistent with any forward-looking statements and Artis assumes no
obligation to update or revise such forward-looking statements to
reflect actual events or new circumstances. All forward-looking
statements contained in this press release are qualified by this
cautionary statement.
Suite 600-220 Portage Avenue
Winnipeg, MB R3C 0A5
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www .artisreit.com
AX.UN on the TSX
SOURCE Artis Real Estate Investment Trust