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Artis REIT to sell Alberta retail property for C$40M

Artis RealEstate Investment Trust agreed to unload a retail property inAlberta for C$40.2 million to an undisclosed buyer.

The company said it signed an unconditional agreement for thesale of the 112,324-square-foot Southwood Corner asset in Calgary.

Artis will use the proceeds to repay its revolving termcredit facility. The transaction is expected to close Oct. 28.

Artis also disclosed the sale of a 1.2 million-square-foot,eight-asset industrial portfolio in Alberta. The portfolio is being by forC$171.1 million. That sale is expected to close Nov. 1.