Allied Properties REIT has sold its portfolio of six properties in Québec City for $24 million. The portfolio consists of 224,174 square feet of gross leaseable area.
As at September 30, 2017, it was 60.8 per cent leased and represented a negligible component of Allied’s net rental income.
“This transaction represents substantial completion of the sale of our non-core assets,” said Michael Emory, president and CEO. “Our goal was to exit the Victoria, Winnipeg and Québec City markets, as they were not large enough to propel meaningful growth in our business as it now exists. In addition to enabling us to redeploy capital profitably, exiting these markets has assisted us in streamlining our operations across the country.”
Jones Lang LaSalle represented Allied in connection with the sale.