Minto Apartment REIT pays $213m for Montreal properties
Minto Apartment REIT has entered into an agreement to acquire Le 4300 and Haddon Hall, two premium, institutionally owned and maintained multi-residential properties in Montreal.
The purchase price is approximately C$281.1 million ($213 million).
“When we launched Minto Apartment REIT last year, one of our objectives was to build a strong presence in the Montreal market. This acquisition, combined with our purchase of the Rockhill property in May, clearly achieves this goal,” said Michael Waters, CEO of Minto Apartment REIT. “Upon closing of this transaction, our Montreal properties will make up more than 20 percent of the total suites of the REIT. Moreover, we believe that the REIT will own one of the best portfolios of multi-residential properties in Montreal. Both Le 4300 and Haddon Hall are premium properties in desirable locations, and provide substantial opportunities for us to build value. They are outstanding additions to our portfolio.”