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True North Commercial Real Estate Investment Trust Announces Sale of 5900 Explorer Drive, Mississauga
True North Commercial Real Estate Investment Trust Announces Sale of 5900 Explorer Drive,...
About this update from True North Commercial Reit
[{"type":"text","content":"\n \n \n \n True North Commercial Real Estate Investment Trust Announces Sale of 5900 Explorer Drive, Mississauga\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 \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 TORONTO\n \n ,\n \n June 1, 2021\n \n /CNW/ - True North Commercial Real Estate Investment Trust (TSX: TNT.UN) (the \"\n \n REIT\n \n \") is pleased to announce it has completed the sale of a 40,000 square foot office property located at 5900 Explorer Drive,\n \n Mississauga, Ontario\n \n (the \"\n \n GTA Property\n \n \") for the sale price of\n \n $11.9 million\n \n , excluding transaction costs. The REIT intends to use the net proceeds for general trust purposes and future acquisitions.\n \n \n \"The disposition of 5900 Explorer Drive represents the ongoing transition of the REIT's evolution to larger assets in urban markets, while opportunistically disposing of an asset above the original purchase price and IFRS value,\" said\n \n Leslie Veiner\n \n , the REIT's Chief Executive Officer.  \"We remain committed to continuing to execute on our capital recycling and acquisition program throughout 2021 and in the future.\"\n \n \n The GTA Property is a two-storey office building situated on 2.55 acres located in\n \n Mississauga's\n \n Airport Corporate Centre and was purchased by the REIT in August 2016 for\n \n $10.5 million\n \n .  Excluding transaction costs, the REIT is expected to realize a\n \n $1.8 million\n \n gain on sale over the Q1-2021 fair value.\n \n \n \n About the REIT\n \n \n \n The REIT is an unincorporated, open-ended real estate investment trust established under the laws of the Province of\n \n Ontario\n \n . The REIT currently owns and operates a portfolio of 45 properties consisting of approximately 4.8 million square feet in urban and select strategic secondary markets across\n \n Canada\n \n . The REIT is focused on growing its portfolio principally through acquisitions across\n \n Canada\n \n and such other jurisdictions where opportunities e...