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True North Commercial Real Estate Investment Trust Announces over 425,000 Square Feet in Leasing Activity
True North Commercial Real Estate Investment Trust Announces over 425,000 Square Feet in Leasing ...
About this update from True North Commercial Reit
[{"type":"text","content":"\n \n \n \n True North Commercial Real Estate Investment Trust Announces over 425,000 Square Feet in Leasing Activity\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.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n Portfolio Weighted Average Lease Term of 4.4 years and 80% Government and Credit-Rated Tenants\n \n \n \n \n /NOT FOR DISTRIBUTION IN THE U.S. OR OVER U.S. NEWSWIRES/\n \n \n \n \"\n \n This news release constitutes a \"designated news release\" for the purposes of the REIT's prospectus supplement dated\n \n April 21, 2022\n \n to its short form base shelf prospectus dated\n \n February 17, 2022\n \n .\"\n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n June 29, 2023\n \n \n /CNW/ - True North Commercial Real Estate Investment Trust (TSX: TNT.UN) (the \"\n \n REIT\n \n \") is pleased to announce significant progress of its lease renewals totaling approximately 374,000 square feet and over 51,000 square feet of new leases (the \"\n \n Leases\n \n \") with a combined weighted average lease term of 4.3 years.\n \n \n \"The significant lease activity completed to date demonstrates the REIT's continued focus on maintaining strong relationships with its tenants and reinforces our strategic focus of securing and retaining government and credit-worthy tenants\" stated\n \n Daniel Drimmer\n \n the REIT's Chief Executive Officer.\n \n \n The REIT completed approximately 141,000 square feet of lease renewals across three properties in\n \n New Brunswick\n \n with the Province of\n \n New Brunswick\n \n (\"\n \n New Brunswick Renewal\n \n \"). The New Brunswick Renewal extends the provinces' tenancy for a further five years to September and\n \n October 2027\n \n . The REIT's\n \n New Brunswick\n \n portfolio is currently 85% occupied.\n \n \n The REIT also completed a five-year lease renewal totaling approximately 58,600 square feet with the Province of\n \n Alberta\n \n , the anchor tenant at 13140 St. Albert Trail,\n \n Edmonton, Alberta\n \n (\"\n \n 13140\n \n \n St.\n \n Albert Trail\n \n \n \"). Under the terms of the renewal, the lease term h...