Mr. David Leiman reports
NPR ANNOUNCES SALE OF SENIORS' PROPERTIES
Northern Property Real Estate Investment Trust (NPR) and NorSerCo Inc. have closed on the sale of six master leased seniors' buildings in Alberta and British Columbia. The total purchase price was $160-million, including the purchaser assuming approximately $92-million in long-term debt.
NPR has also continued to make progress in the sale of its seniors' properties in Newfoundland. This year, NPR has sold seven of the 10 properties for gross proceeds of $35.4-million. The sales of the remaining properties are expected to be completed by the end of the year.
NPR's divestiture of its seniors' holdings is part of the REIT's plan to focus in the long term on the further acquisition and development of multifamily rental properties in Canada.