Ottawa Community Housing Corporation agreed to acquire 311 suites located in Ottawa, Ontario from Minto Apartment Real Estate Investment Trust (TSX:MI.UN) for CAD 90 million on January 9, 2024. 311 suites comprises two properties: Tanglewood property sold for CAD 32.2 million and Chesterton/Bowhill sold for CAD 53.8 million. Closing of the Transaction is expected to occur in February 2024.
Upon closing, the proceeds of approximately CAD 69 million, net of mortgages and commissions, will be used to repay a portion of the REIT?s variable-rate revolving credit facility.

Ottawa Community Housing Corporation completed the acquisition of 311 suites located in Ottawa, Ontario from Minto Apartment Real Estate Investment Trust (TSX:MI.UN) on February 15, 2024.