An unknown buyer completed the acquisition of Five Properties, Totaling 224 Suites, in Côte-Saint-Luc, Quebec from InterRent Real Estate Investment Trust (TSX:IIP.UN).
February 28, 2024
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An unknown buyer committed to acquire Five Properties, Totaling 224 Suites, in Côte-Saint-Luc, Quebec from InterRent Real Estate Investment Trust (TSX:IIP.UN) for CAD 45.9 million during the fourth quarter ending December 31, 2023.
An unknown buyer completed the acquisition of Five Properties, Totaling 224 Suites, in Côte-Saint-Luc, Quebec from InterRent Real Estate Investment Trust (TSX:IIP.UN) in February 2024. The trust sold five properties, totaling 224 suites, in Côte-Saint-Luc, Quebec for approximately CAD 205,000 per suite. Proceeds from the sale of properties are used to fund the REIT?s capital requirements, pay down debt, and to repurchase units under the NCIB. The transaction is immediately accretive to the REIT.
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.
An unknown buyer completed the acquisition of Five Properties, Totaling 224 Suites, in Côte-Saint-Luc, Quebec from InterRent Real Estate Investment Trust (TSX: IIP.UN).
INTERRENT REAL ESTATE INVESTMENT TRUST 
