Business
True North Commercial Real Estate Investment Trust Closes Acquisition of Federal Government Tenanted Property in Downtown Ottawa
True North Commercial Real Estate Investment Trust Closes Acquisition of Federal Governme...
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[{"type":"text","content":"\n \n \n \n True North Commercial Real Estate Investment Trust Closes Acquisition of Federal Government Tenanted Property in Downtown Ottawa\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 174,000 square feet, 98% occupied, 6.4 years WALT, LEED Gold Certified\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 Aug. 22, 2022\n \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 closed the previously announced acquisition of a Federal government tenanted office property located at 400 Cumberland Street,\n \n Ottawa, Ontario\n \n (the \"\n \n Ottawa Property\n \n \") and the renewal of its revolving credit facility. The acquisition of the Ottawa Property continues the REIT's strategy of expanding into urban locations and allows the REIT to capitalize operational efficiencies with its existing assets in downtown\n \n Ottawa\n \n . Renewal of the credit facility for a two-year term maturing on\n \n December 1, 2024\n \n includes an increase from\n \n $60 million\n \n to\n \n $68 million\n \n , with the additional\n \n $8 million\n \n expiring on\n \n June 30, 2023\n \n to align with the sale of 32071 South Fraser Way,\n \n Abbotsford, British Columbia\n \n .\n \n \n The Ottawa Property is an 11-storey, LEED Gold certified office property totaling 174,000 square feet with 53 underground parking stalls. The Ottawa Property has an average remaining lease term of 6.4 years and is 98% occupied with the majority leased to the Federal Government of\n \n Canada\n \n . The Ottawa Property is in close proximity to Rideau Station on the recently completed O-Train LRT and is located in\n \n Ottawa's\n \n Byward Market neighbourhood with various surrounding amenities such as hotels, convention centres, restaurants and shopping centres.\n \n \n The purchase price of the Ottawa Property is\n \n $40.5 million\n \n , exclusive of closing costs. The acquisition was satisfi...