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Cominar REIT closes C$1.14B sale of Canadian property portfolio

Cominar Real Estate Investment Trust completed the sale of its noncore Canadian property portfolio to Slate Acquisitions Inc. and its designees for C$1.14 billion in gross proceeds.

The portfolio consists of 37 industrial and mixed-use assets, 35 office assets and 23 retail assets totaling 6,161,000 square feet across greater Toronto, the Atlantic provinces and Western Canada.

Cominar CEO and President Sylvain Cossette said in a release that the transaction allows the diversified real estate investment trust to focus on its core markets portfolio in Montreal, Québec City and Ottawa.

The company plans to use the net proceeds to repay debt and for general trust purposes.

Under the deal terms, Slate will assume roughly C$106.2 million of mortgage debt.