Realia to sell real estate interests for $26M (U.S.)

Executive Summary

• Realia Properties Inc. entered into an agreement to sell its combined beneficial interests in Metro Gateway Center (Arizona) and Martin Downs Town Center (Florida) for a total purchase price of US $26 million.
• The sale is subject to customary conditions, including satisfactory due‑diligence, lender, shareholder and TSX Venture Exchange approvals.
• No guarantee that the transaction will close; the company will issue further updates as information becomes available.

Key Details

• Transaction: Proposed sale of Realia’s 25.01 % beneficial interests in two retail shopping centers.
• Assets:
• Metro Gateway Center – 64,793 sq ft retail property in Phoenix, AZ.
• Martin Downs Town Center – 36,252 sq ft retail property in Palm City, FL.
• Purchase Price: Combined US $26 million (cash consideration).
• Conditions to Closing:
• Completion of purchaser’s due‑diligence investigations to its satisfaction.
• Receipt of all required approvals from Realia’s lenders, shareholders and the TSX Venture Exchange.
• Status: Agreement signed; closing pending fulfillment of conditions. No assurance that sale will be completed.

Notable Quotes

(No direct quotes provided in the release.)