Cominar REIT to sell non-core assets for C$1.14 billion

Cominar Real Estate Investment Trust (CUF_u.TO) said on Monday it would sell its non-core property assets to privately held Slate Acquisitions Inc for C$1.14 billion ($885.23 million) to reduce debt and focus on core assets.

Cominar said it intends to sell another C$1 billion to C$1.5 billion worth of properties.

The assets being sold to Slate include 97 properties located in the Greater Toronto Area, Atlantic provinces and in western Canada, the company said.

Cominar said proceeds from the asset sale would be used to reduce debt by about C$875 million. The company had C$4.4 billion in debt as of Sept. 30.

The deal is expected to close by the end of March, Cominar said.