Minto Apartment REIT Closes the Purchase of Rockhill
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OTTAWA, May 7, 2019 /CNW/ - Minto Apartment Real Estate Investment Trust (TSX: MI.UN) (the "REIT") today announced the closing of the purchase of a 50% interest in Rockhill, a multi-residential rental property comprising 1,004 suites in Montréal, Québec. The REIT has acquired the property from Ivanhoé Cambridge, together with 50% co-owner, I.G. Investment Management, Ltd., as trustee for Investors Real Property Fund.
"It is with great enthusiasm and pride that we are entering the strong Montreal rental market for the first time with the purchase of Rockhill," said Michael Waters, Chief Executive Officer of Minto Apartment REIT. "Rockhill has the right foundation to become an even better place to live: an iconic property and a great community that we want to build on."
Constructed in 1967-68, Rockhill comprises six buildings on approximately 7.6 acres located at 4850-4874 Côte-des-Neiges Road in Montréal. Known as 'a Montréal Icon on the Mountain', it is well situated, adjacent to Mount Royal Park and in close proximity to the University of Montréal, multiple hospitals and the Côte-des-Neiges Metro Station, resulting in a high Walk Score of 88.
As Canada's only 100% urban multi-residential REIT, Minto Apartment REIT invests in urban living and lifestyle communities, such as Rockhill, close to public transit.
For more information see Minto Apartment REIT's April 4, 2019 news release.
About Minto Apartment Real Estate Investment Trust
Minto Apartment Real Estate Investment Trust is an unincorporated, open-ended real estate investment trust established pursuant to a declaration of trust under the laws of the Province of Ontario to own income-producing multi-residential properties located in urban markets in Canada. The REIT owns a portfolio of high-quality income-producing multi-residential rental properties located in Toronto, Ottawa, Montréal, Calgary and Edmonton. For more information on Minto Apartment REIT, please visit the REIT's website at: www.mintoapartments.com/.
About Investors Real Property Fund
The Investors Real Property Fund ("IRPF") is one of the most unique mutual funds available in Canada due to its direct ownership of commercial real estate. IRPF is an open-ended mutual fund established in 1983 and is available for purchase only through IG Wealth Management. I.G. Investment Management, Ltd. is a professional money management subsidiary of IG Wealth Management, and as portfolio manager, provides investment, asset and property management services for IRPF. The IRPF team is comprised of investment professionals responsible for managing approximately $5 billion in assets.
SOURCE Minto Apartment Real Estate Investment Trust