An unknown buyer acquired 54-suite Property in Ottawa, Ontario from InterRent Real Estate Investment Trust (TSX : IIP.UN) for CAD 11.5 million.
August 29, 2023
Share
An unknown buyer entered into an unconditional agreement to acquire 54-suite Property in Ottawa, Ontario from InterRent Real Estate Investment Trust (TSX : IIP.UN) for CAD 11.5 million during the second quarter ending June 30, 2023. The Trust entered into an unconditional agreement to sell a 54 suite property in Ottawa, Ontario which is scheduled to close in August 2023 for proceeds of CAD 11.5 million, or CAD 213,000 per suite. Proceeds from the sale were used to fund the REIT?s capital requirements, pay down debt, and for unit repurchases under the NCIB.
An unknown buyer completed the acquisition of 54-suite Property in Ottawa, Ontario from InterRent Real Estate Investment Trust (TSX : IIP.UN) on August 30, 2023.
InterRent Real Estate Investment Trust is a real estate investment trust. It is engaged in acquisition, ownership, management and repositioning of strategically located, income-producing, multi-residential properties. Its primary objectives are to grow both funds from operations per Unit and net asset value per Unit through investments in a diversified portfolio of multi-residential properties; to provide Unitholders with sustainable and growing cash distributions, payable monthly, and to maintain a conservative payout ratio and balance sheet. The Company's portfolio of properties is located across various locations, such as Ajax, Brossard, Gatineau, Hamilton, Mississauga, Montreal, Oakville, Ottawa, St. Catharines, Stratford, Toronto, Trenton, and Vancouver. Its properties include 10 - 14 REID DRIVE, 100 MAIN STREET, 1015 ORCHARD, 1170 FENNELL AVENUE, 1276 DORCHESTER AVENUE, and 15 DON STREET. It also owns a 605-suite apartment community at 2 & 4 Hanover Road in Brampton, Ontario.
INTERRENT REAL ESTATE INVESTMENT TRUST 
