Business
True North Commercial Real Estate Investment Trust Adds 298,000 square foot Institutionally Owned Business Campus in Halifax, Nova Scotia
True North Commercial Real Estate Investment Trust Adds 298,000 square foot Institutionall...
About this update from True North Commercial Reit
[{"type":"text","content":"\n\n\n\nTrue North Commercial Real Estate Investment Trust Adds 298,000 square foot Institutionally Owned Business Campus in Halifax, Nova Scotia\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.prntal{\nTEXT-ALIGN: LEFT\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, Dec. 21, 2017\n\n\n\n/NOT FOR DISTRIBUTION IN THE U.S. OR OVER U.S. NEWSWIRES/\n\n\n\nTORONTO, Dec. 21, 2017 /CNW/ - True North Commercial Real Estate Investment Trust (the \"REIT\") (TSX: TNT.UN) is pleased to announce it has closed the acquisition of a business campus located at 120, 130, 134 and 140 Eileen Stubbs Avenue, Halifax, Nova Scotia (\"Bluefrog\").\n\nSituated on 27.3 acres, Bluefrog is comprised of four high-quality office buildings totaling 298,000 rentable square feet with 1,277 parking stalls. Bluefrog offers a campus like feel in a unique setting that provides tenants with numerous amenities including LEED Certification, multiple fitness centres and classes, outdoor meeting spaces, community gardens and walking paths. Bluefrog is well located within the Burnside-City of Lakes Business Park which is the premier business park in Eastern Canada and is home to many multinational corporations. Bluefrog also has direct exposure to Highway 111 and easy access to Highways 111, 118, 102, downtown Halifax and the Halifax Stanfield International Airport. With an average remaining lease of 4.9 years, Bluefrog is 88.1% occupied.  The $53.0 million purchase price for Bluefrog was satisfied by: (i) first mortgage financing in the amount of approximately $34.5 million, with an annual interest rate of 3.32% for a five-year term; and (ii) cash on hand.\n\nAbout the REIT\n\nThe REIT is an unincorporated, open-ended real estate investment trust established under the laws of the Province of Ontario. The REIT currently owns and operates a portfolio of 39 commercial properties consisting of approximately 3.0 million square feet in urban cities and select secondary markets across Canada focusing on long term leases with government and credit-rated tenants.\n\nThe REIT is focused on growing its portfolio principally...