QUEBEC – Cominar Real Estate Investment Trust has signed a deal to sell 97 non-core properties to Slate Acquisitions Inc. for $1.14 billion.
The real estate trust (TSX:CUF.UN) says the properties are located in the Toronto area, the Atlantic provinces and Western Canada.
Cominar announced a plan earlier this year to reduce its debt and focus on its core markets in Quebec and the Ottawa region.
Following the deal, Cominar will not own any properties in Western Canada, the Toronto area or the Atlantic provinces.
The trust says it plans to use the net proceeds from the sale to reduce debt.
Cominar owns a real estate portfolio including office properties, retail properties and industrial and mixed-use properties.