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True North Commercial Real Estate Investment Trust Continues Deployment of July 2018 Unit Offering with Class "A" Office Property Acquisition in GTA
True North Commercial Real Estate Investment Trust Continues Deployment of July 2018 Unit ...
About this update from True North Commercial Reit
[{"type":"text","content":"\n\n\n\nTrue North Commercial Real Estate Investment Trust Continues Deployment of July 2018 Unit Offering with Class \"A\" Office Property Acquisition in GTA\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, Aug. 21, 2018\n\n\n\n122,000 square foot, 100% occupied by Multi-National Corporation with 15 year lease\n\n/NOT FOR DISTRIBUTION IN THE U.S. OR OVER U.S. NEWSWIRES/\n\n\n\nTORONTO, Aug. 21, 2018 /CNW/ - True North Commercial Real Estate Investment Trust  (TSX: TNT.UN) (the \"REIT\") is pleased to announce it has agreed to acquire a 122,000 square foot Class \"A\" office property located at 6 Staples Avenue, Richmond Hill, Ontario (the \"GTA Property\").\n\nThe purchase price for the GTA Property is approximately $33.0 million, exclusive of closing costs, and is expected to be satisfied by the proceeds from the REIT's July 2018 public unit offering, and first mortgage financing on the property in the amount of approximately $21.5 million, with an estimated annual interest rate of approximately 3.95% for a 10 year term. \n\nClosing is expected to be on or about September 7, 2018.\n\nGTA Property\n\nThe GTA Property is a five-storey Class \"A\" office building with 122,000 rentable square feet and 516 parking stalls.  Situated on 10.33 acres, the property occupies a prominent position at the corner of Staples Avenue and Leslie Street, providing superior access to all major 400-series highways.  The property is also fully serviced by all local transit systems including York Regional Transit, Viva and Richmond Hill GO Train Station. With a remaining lease term of 15 years, the building is 100% occupied by a multi-national corporation.\n\nAbout the REIT\n\nThe REIT is an unincorporated, open-ended real estate investment trust established under the laws of the Province of Ontario. The REIT currently owns and operates a portfolio of 42 commercial properties consisting of approximately 3.37 million square feet in urban and select strategic secondary markets across Canada. The REIT is focused on growin...