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BSR REIT Completes Acquisition of Brandon Place in Oklahoma City for US$23.4 Million
BSR REIT Completes Acquisition of Brandon Place in Oklahoma City for US$23.4 Million ...
About this update from Bsr Real Estate Investment Trust
[{"type":"text","content":"\n\n\n\nBSR REIT Completes Acquisition of Brandon Place in Oklahoma City for US$23.4 Million\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nLITTLE ROCK, AR and TORONTO, June 4, 2018\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/\n\n\n\nLITTLE ROCK, AR and TORONTO, June 4, 2018 /CNW/ - BSR Real Estate Investment Trust (\"BSR\" or the \"REIT\") (TSX: HOM.U) announced today that it has completed, effective June 1, 2018, the acquisition of Brandon Place, a 200 unit garden-style residential community in Oklahoma City, OK for US$23.4 million. Consideration for the transaction included US$3.7 million in cash, with the balance comprising the assumption of a 35-year mortgage bearing an interest rate of 3.95%. This transaction was previously subject to a binding purchase and sale agreement as disclosed in the REIT's initial public offering (\"IPO\") prospectus dated May 11, 2018.\n\n\"We are pleased to close on the Brandon Place acquisition, as contemplated during our IPO process,\" said John Bailey, Chief Executive Officer of the REIT. \"The acquisition is consistent with our strategy of clustering properties in strong suburban markets characterized by diversified employment bases and above-average population and employment growth.\"\n\nBuilt in 2011, Brandon Place is a collection of 17 two-story garden-style residential buildings with considerable outdoor entertainment and abundant nearby commercial activity. The community is well-located near the John Kilpatrick Turnpike, the Northwest Expressway and Interstate 40, with downtown Oklahoma City 20 minutes away. Amenities include a swimming pool, fitness centre and community clubhouse.\n\nAbout BSR Real Estate Investment Trust\n\nBSR Real Estate Investment Trust is an internally managed, unincorporated, open-ended real estate investment trust established pursuant to a declaration of trust under the laws of the Province of Ontario. The REIT owns a portfolio of 48 multifamily garden-style residential properties consisting of 9,8...