Ottawa Community Housing Corporation agreed to acquire Chesterton/Bowhill property located in Ottawa, Ontario from Minto Apartment Real Estate Investment Trust (TSX:MI.UN) for $53.8 million.

Ottawa Community Housing Corporation agreed to acquire Chesterton/Bowhill property located in Ottawa, Ontario from Minto Apartment Real Estate Investment Trust (TSX:MI.UN) for $53.8 million on January 9, 2024. As per the terms, upon closing, the proceeds of approximately $69 million, net of mortgages and commissions, will be used to repay a portion of the REIT's variable-rate revolving credit facility. All conditions were waived by OCH on January 8, 2024.

The transaction is expected to close in February 2024.