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Cominar Real Estate Investment Trust is selling all 97 of its properties in the greater Toronto area, the Atlantic provinces and Western Canada to Slate Acquisitions for $1.14B.
The properties, which are 90% income-producing and 10% land and properties under development, amount to 6.2M SF. Twenty-four are in and around Toronto (2.5M SF), while 59 are in the Atlantic Provinces (2.6M SF) and 14 are in Western Canada (1.1M SF).
Of the 97 properties, 37 are designated as office, 37 as industrial or mixed-use and 24 as retail.
The Quebec City-based Cominar’s Toronto properties include 225 Duncan Mill Road, 55 University Ave. and 95-105 Moatfield Drive.
Cominar, the third-largest diversified real estate investment trust in Canada, said in a news release the deal with Slate is part of an announced debt reduction plan that includes focusing on Cominar's core markets in Quebec and Ottawa.
“We are very pleased with the successful execution of the disposition plan and the sale of our entire non-core market portfolio in one transaction," Cominar Chairman and CEO Michel Dallaire said. "This transaction will enable Cominar to capitalize on its core markets while also strengthening its balance sheet.”
Slate will be assuming approximately $107.1M of mortgage debt, and Cominar will be repaying $164.5M of mortgage debt. The deal is expected to close by March.
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