- What Artis has agreed to sell Park 8Ninety
- Why Sale will help company reduce leverage and borrowing costs
- What’s next The deal is expected to close in Q2
Artis Real Estate Investment Trust has agreed to sell Park 8Ninety near Houston, Texas, for US$234.2m.
The property comprises 12 buildings totaling 1.8m sq ft. The total sale price represents a valuation of US$128/sq ft. The sale is expected to close in Q2.
Park 8Ninety was developed in five phases between 2017 and 2022. It’s at the intersection of Beltway 8 and US 90A in Missouri City, southwest of Houston.
Winnipeg-based Artis also disclosed that it bought an additional 5% interest in Park 8Ninety V for US$4m. During Q1 in Canada, the REIT sold an industrial property, an office property and a retail property for a combined $38.4m.
Including sales scheduled to close in the coming months, Artis said its overall leverage is expected to drop below 45%.
