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Artis Real Estate Investment Trust Announces US$58 Million Joint Venture Industrial Project With Nuveen Real Estate and Provides Update on Enhanced Asset Disposition Program – Canada NewsWire

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  • Artis entered into a US$58 million joint venture development agreement with Nuveen Real Estate for a 561,000 square foot state-of-the-art industrial project in the Greater Phoenix Area, Arizona
  • The REIT completed the sale of three non-core assets in December 2020: Strathcona Shoppers Centre, ASM America Headquarters Building and 1110 Pettigrew Avenue
  • Artis sold seven properties and one parcel of development land during Q4-20 for aggregate sale prices of $187.2 million and US$32.5 million, exceeding the REIT’s IFRS fair values by $4.2 million and US$7.0 million, respectively

WINNIPEG, MB, Jan. 6, 2021 /CNW/ – Artis Real Estate Investment Trust (“Artis” or the “REIT”) (TSX: AX.UN) announced that it has entered into a new joint venture agreement with Nuveen Real Estate (“Nuveen”) for an industrial development project in the Greater Phoenix Area, Arizona, and provided an update on the REIT’s enhanced asset disposition program, including the recent sale of three non-core assets. Proceeds from these sales were used to fulfil the REIT’s commitment to strengthen its balance sheet and improve its credit profile.

Joint Venture Industrial Development Project with Nuveen Real Estate

Artis has entered into a new joint venture agreement with Nuveen Real Estate for the development of Park Lucero East, a US$58 million state-of-the-art industrial development project in the Greater Phoenix Area, Arizona. The project is expected to comprise three Class A industrial buildings totaling approximately 561,000 square feet. Artis will develop the project as a 10% general partner. Construction is expected to commence in Q1-21.

“We are pleased to partner with Nuveen on this highly-desired industrial opportunity,” said Philip Martens, Executive Vice-President, US Region. “This partnership provides a remarkable opportunity for Artis and Nuveen to combine our extensive development expertise. We are creating a best-in-class industrial complex in a location that has been proven to generate strong demand and attract high-quality tenants. Nuveen has an outstanding reputation and track record and will be an excellent partner for this project.”

The 37-acre parcel of land, which Artis has under unconditional contract to purchase, is located along the South Loop 202 Freeway with 202 Freeway and Germann Road frontage and is adjacent to Park Lucero, a multi-phase industrial complex that is owned by Artis and is 100% leased. The purchase of the land is expected to close in January 2021.

Update on Enhanced Asset Disposition Program

Pursuant to Artis’ previously announced asset disposition program, the REIT completed the sale of three non-core assets in December 2020: Strathcona Shoppers Centre, ASM America Headquarters Building and 1110 Pettigrew Avenue.

Strathcona Shoppers Centre is a 21,910 square foot single-tenant retail property located in Regina, Saskatchewan. The sale price for Strathcona Shoppers Centre was $7.6 million, which represents a capitalization rate of 6.3% and an increase over the REIT’s most recently reported International Financial Reporting Standards (“IFRS”) fair value of $7.1 million. The sale closed on December 7, 2020.

ASM America Headquarters Building is a 130,282 square foot single-tenant industrial property located in Phoenix, Arizona. The sale price for ASM America Headquarters Building was US$27.0 million, which represents a capitalization rate of 5.6% and an increase over the REIT’s most recently reported IFRS fair value of US$21.6 million. The sale closed on December 10, 2020.

1110 Pettigrew Avenue is a 118,957 square foot single-tenant industrial property located in Regina, Saskatchewan. The sale price for 1110 Pettigrew Avenue was $15.3 million, which represents a capitalization rate of 7.1% and an increase over the REIT’s most recently reported IFRS fair value of $14.3 million. The sale closed on December 15, 2020.

“We are making good progress with our disposition program,” said Samir Manji, Interim Chief Executive Officer. “Two additional properties for sale are now under unconditional contract and we have had a steady stream of interest in our remaining properties for sale from qualified buyers. We look forward to providing updates as further progress is made.”

Together with previously announced asset sales, during Q4-20, Artis sold seven properties and one parcel of development land for aggregate sale prices of $187.2 million and US$32.5 million, exceeding the REIT’s IFRS fair values by $4.2 million and US$7.0 million.

In November 2018, in conjunction with a number of other strategic initiatives aimed at improving Artis’ growth profile and strengthening its balance sheet, the REIT announced its intention to embark on a disposition program with a target of $800 million to $1 billion of non-core assets sales over a three-year time frame. In September 2020, Artis had achieved this target with approximately $800 million of dispositions completed ahead of schedule and committed to sell an additional $550 million. Since November 2018, Artis has successfully completed approximately $1.0 billion of asset sales at an aggregate sale price in excess of the IFRS fair value of such assets.

Artis is a diversified Canadian real estate investment trust investing primarily in industrial and office properties in select markets in Canada and the United States. Since 2004, Artis has executed an aggressive but disciplined growth strategy, building a portfolio of commercial properties which, as of September 30, 2020, comprised approximately 23.8 million square feet of leasable area. Artis is focused on growing its industrial portfolio through strategic development projects in its target markets.

Cautionary Statements

This press release contains forward-looking statements. For this purpose, any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. Particularly, statements regarding the REIT’s future operating results, performance and achievements, including the REIT’s ability to create long-term value, are forward-looking statements. Without limiting the foregoing, the words “expects”, “anticipates”, “intends”, “estimates”, “projects”, and similar expressions are intended to identify forward-looking statements. Artis is subject to significant risks and uncertainties which may cause the actual results, performance or achievements of the REIT to be materially different from any future results, performance or achievements expressed or implied in these forward-looking statements. Such risk factors include, but are not limited to, risks related to the COVID-19 pandemic, implementation of Artis’ strategic initiatives, real property ownership, debt financing, foreign currency, credit and tenant concentration, lease rollover, tax related matters, illiquidity, reliance on key personnel, future property transactions, general uninsured losses, cyber security, environmental matters, land and air rights leases, public market risk, availability of cash flow, fluctuations in cash distributions, potential dilution, unitholder liability, potential conflicts of interest, changes in legislation and development risk. Artis cannot assure investors that actual results will be consistent with any forward-looking statements and Artis assumes no obligation to update or revise such forward-looking statements to reflect actual events or new circumstances. All forward-looking statements contained in this press release are qualified by this cautionary statement.

www.artisreit.com  
AX.UN on the TSX

SOURCE Artis Real Estate Investment Trust

For further information: For further information please contact Mr. Jim Green, Chief Financial Officer or Ms. Heather Nikkel, Vice-President – Investor Relations of the REIT at 1.204.947.1250.

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http://www.artisreit.com

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N.S. suspends real estate agent for showing home to client who failed to self-isolate for COVID-19 – Global News

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A Halifax-based real estate agent has had his licence suspended after he showed a home to an individual who he knew to have not self-isolated for a 14-day period as required by the Nova Scotia government to stop the spread of COVID-19.

The decision from the Nova Scotia Real Estate Commission was released on Monday.

In July 2020, Adam Scott of HaliPad Real Estate Inc. showed a home still under construction to a prospective buyer.

Read more:
N.B. strips real estate agents’ licenses for taking ‘egregious advantage’ of senior

At the time, the Atlantic bubble was in effect and permitted residents of another province in the region to travel to another without any self-isolation requirements.

But the Nova Scotia Real Estate Commission found that the unnamed individual who was shown the home was from outside of Atlantic Canada and didn’t self-isolate for the full 14-day period.

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When the house was shown a third person, a builder, was at the home.

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Chris Perkins, the owner of HaliPad, told Global News in a statement that no one had a positive case of COVID-19 and it was not transmitted during the showing.

“This is the first time we experienced COVID-19 protocols not being strictly followed and the agent has taken full accountability for his poor judgement,” he wrote.


Click to play video 'The New Reality: How COVID-19 could impact the commercial real estate market'



2:34
The New Reality: How COVID-19 could impact the commercial real estate market


The New Reality: How COVID-19 could impact the commercial real estate market – Jul 6, 2020

The real estate commission says it repeatedly informed its members through a number of various methods that they were required to follow the federal and provincial COVID-19 health regulations.

In this case, Scott did not, and the commission found that his actions violated the professional conduct standards of a real estate agent.

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As a result, Scott’s licence has been suspended for a month or until Feb. 17 and he has been ordered to pay a $1,000 fine.

Read more:
B.C. realtor suspended after letting buyer move cash into her own bank account, avoiding regulators

Perkins says the company is deeply disappointed by the event and it served to underscore the importance of complying with COVID-19 regulations.

“We will continue to enforce our strict policy that agents will not attend (in-person) appointments with anyone who has not completed their mandatory isolation period.”

© 2021 Global News, a division of Corus Entertainment Inc.

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Real eState

N.S. suspends real estate agent for showing home to client who failed to self-isolate for COVID-19 – Global News

Published

 on


A Halifax-based real estate agent has had his licence suspended after he showed a home to an individual who he knew to have not self-isolated for a 14-day period as required by the Nova Scotia government to stop the spread of COVID-19.

The decision from the Nova Scotia Real Estate Commission was released on Monday.

In July 2020, Adam Scott of HaliPad Real Estate Inc. showed a home still under construction to a prospective buyer.

Read more:
N.B. strips real estate agents’ licenses for taking ‘egregious advantage’ of senior

At the time, the Atlantic bubble was in effect and permitted residents of another province in the region to travel to another without any self-isolation requirements.

But the Nova Scotia Real Estate Commission found that the unnamed individual who was shown the home was from outside of Atlantic Canada and didn’t self-isolate for the full 14-day period.

Story continues below advertisement

When the house was shown a third person, a builder, was at the home.

[ Sign up for our Health IQ newsletter for the latest coronavirus updates ]

Chris Perkins, the owner of HaliPad, told Global News in a statement that no one had a positive case of COVID-19 and it was not transmitted during the showing.

“This is the first time we experienced COVID-19 protocols not being strictly followed and the agent has taken full accountability for his poor judgement,” he wrote.


Click to play video 'The New Reality: How COVID-19 could impact the commercial real estate market'



2:34
The New Reality: How COVID-19 could impact the commercial real estate market


The New Reality: How COVID-19 could impact the commercial real estate market – Jul 6, 2020

The real estate commission says it repeatedly informed its members through a number of various methods that they were required to follow the federal and provincial COVID-19 health regulations.

In this case, Scott did not, and the commission found that his actions violated the professional conduct standards of a real estate agent.

Story continues below advertisement

As a result, Scott’s licence has been suspended for a month or until Feb. 17 and he has been ordered to pay a $1,000 fine.

Read more:
B.C. realtor suspended after letting buyer move cash into her own bank account, avoiding regulators

Perkins says the company is deeply disappointed by the event and it served to underscore the importance of complying with COVID-19 regulations.

“We will continue to enforce our strict policy that agents will not attend (in-person) appointments with anyone who has not completed their mandatory isolation period.”

© 2021 Global News, a division of Corus Entertainment Inc.

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B.C. real estate regulator clamps down on activities of 'Wolf of Burrard Street' – Vancouver Sun

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Article content continued

The order, issued Friday, includes details about five complaints.

They started in May 2020, but one received by the superintendent in October 2020 was related to a previous complaint that had been filed about Roberts in July 2018.

Roberts was licensed to provide rental property management services from April 2018 to February 2019 and as a real estate agent from December 2018 to February 2019, according to the order, which added his licence was “surrendered by his managing broker.”

Two complaints, the order alleges, involved security deposits taken after the signing of long-term leases where the property owners said their properties were not on the market.

One complaint involved a file with the Vancouver Police Department, which had received numerous complaints related to Roberts, according to the order. Another involved a civil claim in B.C. court.

In the other, Roberts accepted $1,850 as a security deposit for a three-bed room apartment, the order alleges. The owner told the superintendent he had never rented out his property and lived there himself, the order alleges.

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