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True North Commercial Real Estate Investment Trust Continues Deployment of July 2018 Unit Offering with Office Property Acquisition in Calgary, Alberta
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 Office Property Acquisition in Calgary, Alberta\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. 23, 2018\n\n\n\n/NOT FOR DISTRIBUTION IN THE U.S. OR OVER U.S. NEWSWIRES/\n\n148,000 square foot, 100% occupied by Credit-Rated Tenant\n\n\n\nTORONTO, Aug. 23, 2018 /CNW/ - True North Commercial Real Estate Investment Trust  (TSX: TNT.UN) (the \"REIT\") is pleased to announce it has agreed to acquire a 148,000 square foot office property located at 1020 68th Avenue Northeast, Calgary, Alberta (the \"Calgary Property\").\n\nThe purchase price for the Calgary Property is approximately $26.75 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 $17.2 million, with an estimated annual interest rate of approximately 4.5% for a 4 year term. \n\nClosing is expected to be on or about September 14, 2018.\n\nCalgary Property\n\nThe Calgary Property is a suburban office building with 148,000 rentable square feet and 531 parking stalls.  Situated on 11.06 acres, the property is located in the highly desirable Deerfoot North Business Centre and is in close proximity to Downtown Calgary and the Calgary International Airport. With an average remaining lease term of 5.5 years, the building is 100% occupied by a credit-rated tenant.\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 3.7 million square feet in urban and select strategic secondary markets across Canada. The REIT is focused on growing its portfolio principally through acquisitions across Canada and such other jurisdictions where opportunities exist.\n\nFor complete financial statements and ...