Artis RealEstate Investment Trust is considering off-loading roughly C$300million of its retail and industrial properties in Alberta, Reuters reported,citing two sources with knowledge of the matter.
The unnamed sources told the news outlet that the company'sretail and industrial portfolio has drawn interest from other REITs, assetmanagers and real estate-focused pension funds. They reportedly added that thecompany is looking to sell the properties in multiple transactions with severalbuyers, instead of a single acquirer.
Artis' retail and industrial properties could be sold by theend of 2016, faster than the company's planned of its office properties inCalgary. It is reportedly targeting up to C$350 million for its Calgary officeportfolio.
Artis and other REITs with exposure to the Alberta markethave seen their unit prices hurt by the continuing decline in oil prices, andsources told the news outlet that Artis' planned sale is aimed at diversifyingaway from the province.