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Artis REIT reportedly attracting some big name takeover prospects

Several potential suitors are said to be interested in acquiring Artis Real Estate Investment Trust according to a Bloomberg report.

Reporting an unnamed source familiar with the matter, the article says that the Winnipeg-based fund which owns around 25 million square feet of office, retail, and industrial properties across Canada and the US, has attracted the attention of Morguard and Slate Asset Management.

A Blackstone affiliate was also said to be interested at one time according to the report, which also says Artis CEO Armin Martens has also been weighing his own takeover.

Last week it was announced that in a transaction valued at around $4.8 billion including net debt. 

Artis has recently released its financial results and achievements for the year ended December 31, 2019, which showed that the REIT had seven office properties (five of which are located in Calgary), one retail property and one parcel of development land classified as held for sale for a total IFRS value of $221.9 million.

Artis had $42.5 million of cash on hand and $111.9 million available on its revolving term credit facilities.

Since the end of 2019, the REIT sold four office properties and one parcel of development land located in Calgary for an aggregate sale price of $117.8 million.

Its primary focus for 2020 will be to use proceeds from the disposition of investment properties to reduce debt.

About the Author

Steve Randall has more than three decades of media experience encompassing online, newspapers, magazines, radio, and podcasts. He focuses on insights and news for professionals in finance, real estate, and legal services. Steve writes for multiple Key Media titles in Canada, United States, Australia, and New Zealand. LinkedIn | Email

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