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Boardwalk REIT to sell multifamily asset in Saskatoon, Canada

Boardwalk REIT, in reporting its second-quarter results, said it is selling the 138-unit Chancellor Gate multifamily property in Saskatoon, Canada, for C$20.7 million.

The sale of the noncore, low-rise asset is slated to close in mid-September.

Boardwalk also said it is continuing its strategic partnership with fellow Canadian real estate investment trust RioCan REIT by joining forces to build a 25-story and 16-story mixed-use development on a transit-oriented community in Mississauga, Ontario.

The joint venture partners are in the process of finalizing development plans for the project, which will feature about 470 residential units connected by a retail podium. Zoning for the project is expected in early 2020.

The total purchase price for Boardwalk's 50% stake is estimated to be C$14.9 million, subject to zoning approval and confirmation of total buildable area.