— Sale price is in line with IFRS values and the Transaction is aligned with the REIT's capital recycling strategy —

OTTAWA, ON, Jan. 9, 2024 /CNW/ - Minto Apartment Real Estate Investment Trust (the "REIT") (TSX: MI.UN) is pleased to announce the sale of two properties comprising 311 suites located in Ottawa, Ontario, to Ottawa Community Housing Corporation ("OCH") (the "Transaction"). The total sale price of $86 million for the Tanglewood and Chesterton/Bowhill properties is in line with the REIT's IFRS values for the assets. Upon closing, the proceeds of approximately $69 million, net of mortgages and commissions, will be used to repay a portion of the REIT's variable-rate revolving credit facility.