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Lanesborough REIT Sells Two Apartment Properties
May 9, 2016
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Lanesborough REIT has sold Willowdale Gardens, an 88-unit property in Brandon, MB (above) for $9M. In April, the trust sold Beck Court, a 120-suite apartment property in Yellowknife, NWT, for $23M. The Winnipeg-based REIT, whose primary market is oil sands capital Fort McMurray, saw occupancies at properties there drop to 68% in 2015. Successive years of losses and cash deficiencies, tightening of lending conditions in Fort Mac, and a large working capital deficit have “cast doubt as to the ability of LREIT to continue as a going concern,” the trust said in its annual report, issued last month.
