02:15 PM EST, 11/15/2024 (MT Newswires) -- Minto Apartment Real Estate Investment Trust (MI-UN.TO) on Friday said it agreed to sell its Castleview property in Ottawa to a private real estate investor for $69 million.

Upon closing, expected in January, the proceeds of approximately $33.8 million, net of mortgages and commissions, will be used to repay a portion of the REIT's variable-rate revolving credit facility.

"In total, upon closing of the transaction, we will have completed approximately $200 million of older non-core asset sales located in the Edmonton and Ottawa markets. These sales have increased the overall quality of our portfolio, reduced our future major capital expenditure requirements, strengthened our balance sheet and increased our financial flexibility," said Chief Executive Officer Jonathan Li.

The RETI's units were last seen down $0.05 to $14.11 on the Toronto Stock Exchange.

Price: 14.11, Change: -0.05, Percent Change: -0.35