Business
True North Commercial Real Estate Investment Trust Adds 129,200 sq. ft. Class "A" Office Property in Halifax, Nova Scotia and Announces November Distribution
True North Commercial Real Estate Investment Trust Adds 129,200 sq. ft. Class "A" Office P...
About this update from True North Commercial Reit
[{"type":"text","content":"\n\n\n\nTrue North Commercial Real Estate Investment Trust Adds 129,200 sq. ft. Class \"A\" Office Property in Halifax, Nova Scotia and Announces November Distribution\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\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, Nov. 15, 2017\n\n\n\n/NOT FOR DISTRIBUTION IN THE U.S. OR OVER U.S. NEWSWIRES/\n\n\n\nTORONTO, Nov. 15, 2017 /CNW/ - True North Commercial Real Estate Investment Trust (the \"REIT\") (TSX: TNT.UN) is pleased to announce it has closed the acquisition of an office property located at 36 and 38 Solutions Drive, Halifax, Nova Scotia (the \"Halifax Property\").\n\n\"During the past twelve months the REIT has successfully raised over $100 million through public unit offerings and has strategically deployed the proceeds to partially fund the acquisition of eight geographically diverse high-quality office properties totaling 720,080 rentable square feet,\" said Daniel Drimmer, the REIT's President and Chief Executive Officer.  \"With this latest acquisition, we are pleased to enter the Halifax market and execute on our objectives and core strategies while delivering value to our unitholders.\"\n\nThe Halifax Property is comprised of two low-rise Class \"A\" office buildings (commonly known as Ravine Centre I and II) in one of Halifax's most accessible and fastest developing urban nodes. The buildings are situated on 10.1 acres, featuring 129,200 rentable square feet with 380 parking stalls. The Halifax Property has achieved BOMA BEST Bronze certification at Ravine Centre I and LEED Gold certification at Ravine Centre II. The Halifax Property features immediate access to Highway 102 (the arterial highway leading into downtown Halifax), the Lacewood Drive interchange and Halifax transit service. With an average remaining lease term of 4.6 years, the buildings are 95% occupied, 73.4% occupied by credit-rated tenants. The $31.3 million purchase price for the Halifax Property was satisfied by: (i) mortgage financing of approximately $20.3 million, with an annual interest rate of 3.21% for a five-year term; and (ii) cash on hand.\n\nTh...