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True North Commercial Real Estate Investment Trust Completes Deployment of November 2019 Equity Offering with Acquisition of GTA Class "A", LEED® Gold Certified Office Property
True North Commercial Real Estate Investment Trust Completes Deployment of November 2019 E...
About this update from True North Commercial Reit
[{"type":"text","content":"\n\n\n\nTrue North Commercial Real Estate Investment Trust Completes Deployment of November 2019 Equity Offering with Acquisition of GTA Class \"A\", LEED® Gold Certified Office Property\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\nCanada NewsWire\nTORONTO, Nov. 29, 2019\n\n\n\n252,500 square feet, 100% occupied, lease term of 7.2 years\n/NOT FOR DISTRIBUTION IN THE U.S. OR OVER U.S. NEWSWIRES/\n TORONTO, Nov. 29, 2019 /CNW/ - True North Commercial Real Estate Investment Trust (TSX: TNT.UN) (the \"REIT\") is pleased to announce it has agreed to acquire a Class \"A\" office property located at 6925 Century Avenue, Mississauga, Ontario (the \"Century Property\").\nThe purchase price of the Century Property is approximately $87.5 million, exclusive of closing costs, and is expected to be satisfied by a combination of: (i) proceeds from the REIT's November public unit offering; and (ii) first mortgage financing on the property in the amount of approximately $56.875 million. Closing is expected to be on or about December 12, 2019.\nCentury Property\nThe Century Property, commonly known as First Meadowvale Centre 2, is a premier Class \"A\", LEED® Gold Certified office property totaling 252,500 that spans a 10-storey office tower featuring new-age tenant spaces, modern common areas and an on-site Tim Hortons. The Century Property offers a total of 895 parking stalls, including 68 underground stalls and 827 surface stalls. Situated on 7.24 acres, the Century Property is located directly adjacent to Highway 401, providing prominent highway visibility along one of GTA's busiest stretches of highways, and is in close proximately to Highway 407, Toronto Pearson International Airport, Meadowvale GO Station and numerous MiWay bus connections. The surrounding neighbourhoods offer services such as hotels, restaurants, fitness facilities and major shopping centres. With a weighted average remaining lease term of 7.2 years, the complex is 100% occupied with a strong-covenant tenant roster, with credit-rated tenants such as In...