Staff
Public Sector Pension Investment Board (PSP Investments) and Starlight Investments have agreed to sell their real estate joint venture for $535 million to Northern Property Real Estate Investment Trust.
The joint venture portfolio is comprised of 33 properties with a total of 4,650 residential suites located in Ontario, New Brunswick and Nova Scotia.
Northern Property has also agreed to acquire True North Apartment Real Estate Investment Trust.
The combined company will change its name to Northview Apartment Real Estate Investment Trust will pay for the joint venture using a combination of cash and stock. As a result, PSP Investments will hold an approximate 9.8% interest in the new company.
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