05:15 PM EDT, 09/12/2024 (MT Newswires) -- Canadian Apartment Properties Real Estate Investment Trust (CAR-UN.TO) on Thursday said it agreed to sell four-non-core properties for $210.1 million.

The REIT said it closed the sale of a 214-suite property in Quebec City in August, raising $35.6 million prior to the payment of $11,5 million owing on a mortgage.

It also sold a 370 suites in Toronto for $133 million, as well as a 42-suite property on Prince Edward Island for $8.0 million. It also agreed to sell a 110-suite property in Newmarket, Ontario, for $33.5 million.

Proceeds will be used to pay down amounts drawn on the REIT's revolving credit facility to temporarily fund purchases of strategically aligned, newly built rental properties in Canada acquired in past quarters, it said.

The REIT's units closed up $$0.62 to 54.77 on the Toronto Stock Exchange.