Artis Real Estate Investment Trust (AX_UN.TO) said it has entered into new unconditional agreements to buy a C$95.5 million portfolio of well-tenanted light industrial properties in Ontario's Greater Toronto Area, or GTA, as well as an 85% interest in a retail shopping complex, well-located in the heart of Whistler Village, British Columbia, for C$26.8 million.
Artis will acquire the GTA Industrial Portfolio, which is a portfolio of 17 institutionally owned and managed light industrial buildings located throughout the GTA, totaling over 1.1 million square feet of leasable area. The purchase price is expected to be financed from cash on hand and by way of a new C$52.5 million five-year mortgage bearing interest at a fixed rate estimated to be 3.01%. The acquisition is anticipated to close on or about July 17, 2012.
Artis will also acquire an 85% interest in the retail component of the Hilton Whistler Resort and Spa. The purchase price of C$26.8 million for the 85% interest, which represents a going-in capitalization rate of 6.9%, is expected to be financed from cash on hand and by way of a new C$17.4 million five-year mortgage bearing interest at a fixed rate estimated to be 3.75%. The purchase price includes excess lands on the site, which provide an opportunity for future development. The acquisition is expected to close on or about June 14, 2012.
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by RTT Staff Writer
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