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True North Commercial Real Estate Investment Trust Announces Completed Disposition of 90,550 Square Foot Office Property at 9200 Glenlyon Parkway, Burnaby, British Columbia for Sale Price of $37 Million
True North Commercial Real Estate Investment Trust Announces Completed Disposition of 90,550 Squa...
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[{"type":"text","content":"\n \n \n \n True North Commercial Real Estate Investment Trust Announces Completed Disposition of 90,550 Square Foot Office Property at 9200 Glenlyon Parkway, Burnaby, British Columbia for Sale Price of $37 Million\n \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.prngen2{\nPADDING-RIGHT:0.17em; PADDING-LEFT:0.17em; VERTICAL-ALIGN: TOP; BORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt; BORDER-BOTTOM:black 0pt; BORDER-LEFT:black 0pt\n}\n.prnml4{\nMARGIN-TOP:0em; MARGIN-RIGHT:0em; MARGIN-BOTTOM:0em; MARGIN-LEFT:0.33em !IMPORTANT\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n /NOT FOR DISTRIBUTION IN THE U.S. OR OVER U.S. NEWSWIRES/\n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n June 27, 2024\n \n \n /CNW/ - True North Commercial Real Estate Investment Trust (TSX: TNT.UN) (the \"\n \n REIT\n \n \") is pleased to announce that it has completed the previously announced sale of a 90,550 square foot office property located at 9200 Glenlyon Parkway,\n \n Burnaby, British Columbia\n \n (the \"\n \n Property\n \n \") for a sale price of\n \n $37.0 million\n \n , excluding transaction costs. The REIT intends to use the net proceeds, after repayment of the existing first mortgage related to the Property, to repay existing indebtedness on its credit facility. The sale of the Property, along with the completion of three other non-core asset sales previously announced and closed in 2024, has allowed the REIT to enhance its overall liquidity position while continuing to focus on the immediately accretive normal course issuer bid repurchase program (\"NCIB\") whereby the trust units of the REIT (\"Units\") can currently be repurchased at a significant discount to the REIT's net asset value and at an inferred distribution yield of approximately 20.0%\n \n (1)\n \n .\n \n \n \"With available liquidity in the market for smaller commercial properties, the REIT capitalized by strategically disposing select smaller non-core assets under favourable terms\", said\n \n Daniel Drimmer\n \n , the REIT's Chief Executive Officer. \"All...