Cominar has confirmed the closing of its $1.14 billion sale of its non-core market property portfolio to Slate Acquisitions Inc.

Sylvain Cossette, president and CEO of Cominar, said he was pleased to have closed the sale.

“This transaction will enable Cominar to focus on its core markets portfolio in Montreal, Québec City and Ottawa, while also strengthening its balance sheet,” he added, “I am also pleased that the vast majority of the employees affected by this transaction will continue to be employed and I want to thank all of those who are leaving us today for their contribution and wish them the very best of success.”

The portfolio, which is made up of 95 properties totalling 6.2 million square feet, is located in the Greater Toronto Area, the Atlantic Provinces and Western Canada.

Slate will be assuming approximately $106.2 million of mortgage debt and Cominar revealed that it intends to use the net proceeds of the transaction for debt repayment and general trust purposes.

Cominar is the third largest diversified real estate investment trust in Canada and currently remains the largest commercial property owner in the Province of Quebec. Their portfolio totals 38.2 million square feet spread out across Quebec and Ottawa.