Artis Real Estate Investment Pref Shs Series E T.AX.PR.E

Sale of 10 Lower Spadina office building

[BlueJay2020]

Interesting!

TORONTO, Aug. 26, 2024 /CNW/ - Arkfield has completed the transaction to acquire 10 Lower Spadina, a property located on Toronto's waterfront. This acquisition is a key addition to Arkfield's income portfolio as the company continues to expand its presence in strategic urban areas.

10 Lower Spadina is a 7-story office building in the downtown core with long-term redevelopment potential. The property provides unobstructed views of Lake Ontario and is well-positioned to benefit from ongoing waterfront revitalization efforts, including the development of public spaces, cultural sites, and enhanced transit options.

About Arkfield

Arkfield is an integrated real estate group that owns, operates, and develops commercial and residential assets across Ontario. Arkfield actively manages its investments to deliver superior results on a risk-adjusted basis. Arkfield's real estate portfolio totals over 4.3 million square feet of residential density with an estimated completion value of $4.5 billion.

[garyreins]

Hows this interesting? Is it an artis property

[InvestSmarter]

This property was owned by Dream Impact (MPCT-UN.TO). MPCT Has sold almost all their office and is turning into almost a pure play purpose built rental reit (keeping ZIBI Office Only) Trading at under $4 a unit with a TD NAV est of $20, and company NAV est of ~$24 for a residential REIT. Some of the highest quality rental buildings in Toronto including Canary Landing (Maple, Birch, Cherry &

[garyreins]

WHY DON'T YOU EMAIL SAMIR AND LET HIM KNOW IF YOU'RE RECOMMENDED CAPITAL ALLOCATION STRATEGY INTO MCPT.  

[InvestSmarter]

Samir is well aware. He (Sandpiper) owned Dream Impact in the past. He may still own some. He was a 10% holder at one point. 

[garyreins]

Good.  If he wants any of coopers babies he's gotta team up.  Not going to take dream vehicles from him at a discount

[Frankie10]

So many options... and the more assets Samir can monetize, the more optionality on capital deployment. The spotlight is on, and I wish Samir and all fellow unitholders the best. 

[mikoola72]

As a unit holder of MPCT.UN as well as Artis I had the same thoughts about Artis adding more residential real estate especially trading at a significant discount to NAV...MPCT.UN has had its own struggles during the high rate cycle and suspended the distribution to preserve capital but it looks like they are turning the corner..would love to see Samir pounce on opportunities especially when they

[InvestSmarter]

My thoughts exactly. Why buy more office at 40% off when you can still find high quality residential rental REITs at the same (and with MPCT even larger) discount. The discount in residential won't last long and will likely outperform office in the near and mid term. Artis has too much office (which is growing as a % of AX due to all the industrial sales), let's not add more office. Let

[rad10]

  this! the open market dream purchases are off putting - smacks of a lack of focus. Good to hear recent sale proceeds going towards debt reduction.

[Frankie10]

Good morning, A few things to note: Year to date, Artis has sold more FCR than it has purchased D. Year to date, Artis has deployed $14m to acquire 750k units or ~4% of the equity of Dream Office. As at the end of Q2, Artis had sold $24.5m of FCR, and subsequently sold an additional $8m, for a total of $32.5m. Based on the value of the public equity securities at end of Q2, in

[garyreins]

Good analysis however I recorded several times here the ~80m in FCR liquidity can assist a buyout (with cooper) of DREAM OFFICE.Very doable. He also cant go over 20% without having some rules and making intent known of a formal takeover bid.Therefore he has stopped accumulating D.UN AT 20%