Business
True North Commercial Real Estate Investment Trust Continues Urban Growth in Halifax with the Acquisition of a 297,850 square foot Business Campus
True North Commercial Real Estate Investment Trust Continues Urban Growth in Halifax with ...
About this update from True North Commercial Reit
[{"type":"text","content":"\n\n\n\nTrue North Commercial Real Estate Investment Trust Continues Urban Growth in Halifax with the Acquisition of a 297,850 square foot Business Campus\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. 28, 2017\n\n\n\n/NOT FOR DISTRIBUTION IN THE U.S. OR OVER U.S. NEWSWIRES/\n\n\n\nTORONTO, Nov. 28, 2017 /CNW/ - True North Commercial Real Estate Investment Trust (the \"REIT\") (TSX: TNT.UN) is pleased to announce it has agreed to acquire (the \"Acquisition\") of a 297,850 square foot office property located at 120, 130, 134 and 140 Eileen Stubbs Avenue, Halifax, Nova Scotia ( \"Bluefrog\").\n\nThe purchase price for Bluefrog is approximately $53.0 million, exclusive of closing costs, and is expected to be satisfied by a combination of: (i) first mortgage financing in the amount of approximately $34.5 million, with an estimated interest rate of approximately 3.23% for a five-year term; and (ii) cash on hand. The closing of the acquisition of Bluefrog is expected to occur on or about December 19, 2017.\n\n\"We are pleased to have successfully deployed the remaining proceeds from our most recent equity raise into the acquisition of the Bluefrog Business Campus,\" said Daniel Drimmer, the REIT's President and Chief Executive Officer. \"This acquisition complements the REIT's property portfolio, and increases our presence in Halifax, one of our target markets.\"\n\nBluefrog Business Campus\n\nSituated on 27.3 acres, Bluefrog is comprised of four high-quality office buildings totaling 297,850 rentable square feet with 1,277 parking stalls.  Bluefrog offers a campus like feel in a unique setting that provides tenants with numerous amenities including LEED Certification, multiple fitness centres and classes, outdoor meeting spaces, community gardens and walking paths.  Bluefrog is well located within the Burnside-City of Lakes Business Park which is the premier business park in Eastern Canada and is home to many multinational corporations. Bluefrog also has direct exposure to Highway 111 and e...