Killam Apartment REIT announced it has completed the disposition of “The James”, a 108-unit Halifax property, for gross proceeds of $33 million. Killam’s proceeds from the sale are $20.1 million, net of the previous mortgage associated with the property.
“We continue to explore accretive disposition opportunities as we make progress towards our strategic target of recycling over $100 million of non-core assets in 2023,” said said Philip Fraser, President and CEO. “We currently have an additional $100-150 million of dispositions under contract at various stages of due diligence, however, no assurance can be given that such transactions will be completed.”
The Halifax property is the second disposition announced by Killam in 2023. In March, it announced it had sold a “non-core” property located in Ottawa for gross proceeds of $9.8 million. At the time, Killam described the transaction as being the first of a number of proposed accretive, strategic dispositions that are expected to maximize value for our Unitholders and strengthen our balance sheet.
“We currently have an additional $125 million of dispositions under contract at various stages of due diligence, however, no assurance can be given that such transactions will be completed,” is said in an update.
The Halifax-based apartment REIT is one of Canada’s largest residential real estate investment trusts, owning, operating and developing a $4.8 billion portfolio of apartments and manufactured home communities.
