New Brunswick

St. Thomas University sells off-campus residence complex to mystery buyer

The sale includes and agreement allowing the university to lease Rigby Hall, which includes a cafeteria and conference centre, for at least three years.

Forest Hill residences were on the Fredericton market for two years

The university will continue to lease Rigby Hall for at least the next three years while it works on renovating on-campus residences. (CBRE.ca)

St. Thomas University has sold its off-campus residence complex, Forest Hill, after two years on the market.

The price and buyer's identity can only be revealed at the discretion of the purchaser, STU spokesperson Jeffrey Carleton said Friday.

The university put the buildings near the Princess Margaret Bridge up for sale because enrolment declined and fewer students were choosing to live in residence.

Sale of the buildings was seen as a way for the university to reduce its debt.

"We get to sell buildings that are surplus to us, we get to reduce some debt, we get to move closer to balancing our budget in our residence system, and we still got flexibility moving forward as we refurbish our residences on campus," he said.

St. Thomas University spokesperson Jeffrey Carleton said the sale will help the university's finances. (CBC)

There were more than 200 rooms between the two residences in the Forest Hill complex. 

The sale agreement includes a provision for the university to lease Rigby Hall, one of the residences, for at least three years.

Rigby includes a residence, cafeteria and conference centre. 

"That is important because we are looking at renovating one of our on campus residences at Vanier Hall, so when that refurbishment takes place, we'll have additional occupancy for our students to live in," Carleton said. 

The university was expecting the sale to happen this year with the arrangement to lease Rigby Hall, so all students who requested off-campus residence were assigned there to avoid disruptions of room and food services.

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