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InterRent Announces $38 Million Acquisition in Montreal
Not for Distribution to United States Newswire Services or for Dissemination in the United S...
About this update from Interrent Real Estate Investment Trust
[{"type":"text","content":"InterRent Announces $38 Million Acquisition in MontrealNot for Distribution to United States Newswire Services or for Dissemination in the United StatesOTTAWA, ON / ACCESSWIRE / June 5, 2019 / InterRent Real Estate Investment Trust (TSX-IIP.UN) (\"InterRent\") announced today that it has entered into an unconditional agreement to acquire a mixed-use property in Montreal, Quebec.The landmark twenty-six-storey concrete highrise, known as Hampstead Towers, is located at 5465 Queen Mary Road in Montreal's sought-after Hampstead neighbourhood. The property currently features 121 spacious residential suites and approximately 31,500 SqFt of commercial space that is anchored by a Schedule 1 bank. InterRent expects to convert a portion of the commercial space back to residential as leases mature. The property's features include indoor parking, fitness facilities, stunning 360-degree views of Montreal, as well as numerous other amenities.Hampstead Towers is one of the tallest buildings outside of the city's downtown core. With frontage on the affluent Queen Mary Road, the property offers its residents an abundance of property specific and neighborhood amenities including being in close proximity to MacDonald park, Decarie blvd, and the Snowdon Metro Station (450 metres). Montreal has the fourth busiest metro system North America delivering an average of over 1.2 million trips per weekday and consists of 68 stations on four lines. With the addition of Hampstead Towers, InterRent's exposure to the City of Montreal grows to over 2,000 suites thus allowing InterRent to benefit from enhanced operational scale and efficiencies. The City of Montreal has continued to experience significant population growth with an increase of 1.6% from 2017 to 2018, outpacing the Quebec average of 1.1% and National average of 1.4%. Montreal also saw a 10-year low in unemployment rates (5.4%) and approximately 4% nominal growth of disposable income in 2018. According to Ryerson University's Centre for Urban Research and Land Development, Montreal is the sixth-fastest growing metro in North America.The property was purchased for $38,360,000 and is expected to close in mid to late June of 2019. The purchase will be secured with short term conventional financing as InterRent continues the renovation program already commenced by the existing property owner. \"We are ...