OTTAWA, ON, Jan. 15, 2025 /CNW/ – Minto Apartment Real Estate Investment Trust (the “REIT”) (TSX: MI.UN) announced today the closing of its previously announced acquisition of a 50% managing ownership interest in Lonsdale Square, located in North Vancouver. The discounted purchase price to the REIT of $52.9 million was funded through the assumption of the entire $52.9 million mortgage on the property, for which the REIT will be solely responsible. The REIT has also received, concurrently with closing of this acquisition, repayment of the $14 million outstanding convertible development loan associated with the asset.
About Minto Apartment Real Estate Investment Trust
Minto Apartment Real Estate Investment Trust is an unincorporated, open-ended real estate investment trust established pursuant to a declaration of trust under the laws of the Province of Ontario to own income-producing multi-residential properties located in Canada. The REIT owns a portfolio of high-quality multi-residential rental properties located primarily in urban centers in Canada’s major markets of Toronto, Montreal, Ottawa, Calgary and Vancouver. For more information on Minto Apartment REIT, please visit the REIT’s website at: www.mintoapartmentreit.com.
SOURCE Minto Apartment Real Estate Investment Trust
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