The REIT would need to pay a land premium of around $13.9 million to landlord JTC Corporation.
The REIT will fund this project with committed debt facilities.
Works will likely begin by 2Q 2026 and take 1.5 years.
Meantime, the existing 8-storey block with 1,650 beds will remain operational and income-generating.
See also: Manulife US REIT to divest Figueroa for US$92.5 mil
CAREIT units closed at $1.12 on Feb 10, down 1.75%.
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