A Winnipeg-based real estate investment trust is selling off a prime Ottawa property as part of its bid to divest itself of up to $1 billion in “non-core” assets over the next three years.
Artis REIT announced Wednesday it has agreed to sell an office building at 495 Richmond Rd. to an undisclosed buyer for $39 million, representing a capitalization rate of 6.28 per cent. The sale is expected to close in November.
Built in 1983 and last renovated in 2012, the seven-storey Class-A building on Richmond Road in Westboro includes about 106,000 square feet of leasable space. Its largest tenant is currently the Canadian Institute for Health Information.
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The Ottawa sale is part of a number of recent deals in Canada and the United States for Artis. The REIT also announced Wednesday it sold a property in the Greater Phoenix Area for $120.7 million and has an agreement to sell a 192,000-square-foot office office tower at 415 Yonge St. in Toronto for $124 million.
