11:45 AM EDT, 04/11/2024 (MT Newswires) -- Artis Real Estate Investment Trust (AX-UN.TO) on Thursday confirmed media reports it reached a conditional agreement to sell Park 8Ninety, an industrial property located in the Greater Houston Area, Texas, for US$234.2 million.

The deal is expected to close in the second quarter of 2024.

"If completed, the sale of Park 8Ninety would be another important step towards achieving our objective of strengthening our balance sheet, reducing debt and enhancing liquidity,:" chief executive Samir Manji said in a release.

Park 8Ninety was developed in five phases between 2017 and 2022 and comprises 12 buildings that total about 1.8 million square feet of leasable area.

The REIT's units were last seen up C$0.02 to C$6.48 on the Toronto Stock Exchange.

Price: 6.49, Change: +0.03, Percent Change: +0.39