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True North Commercial Real Estate Investment Trust Continues Urban Growth with Acquisition of Toronto Trophy Asset
True North Commercial Real Estate Investment Trust Continues Urban Growth with Acquisition...
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[{"type":"text","content":"\n\n\n\nTrue North Commercial Real Estate Investment Trust Continues Urban Growth with Acquisition of Toronto Trophy Asset\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.prntal{\nTEXT-ALIGN: LEFT\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, May 14, 2018\n\n\n\nFlagship Office Property fronting Yonge Street with Direct Subway and Bus Transit Hub Access\n\n/NOT FOR DISTRIBUTION IN THE U.S. OR OVER U.S. NEWSWIRES/\n\n\n\nTORONTO, May 14, 2018 /CNW/ - True North Commercial Real Estate Investment Trust (the \"REIT\") (TSX: TNT.UN) is pleased to announce it has agreed to acquire (the \"Acquisition\") a 274,085 square foot Class \"A\" LEED Gold office building located at 5775 Yonge Street, Toronto, Ontario (the \"Yonge Street Property\").\n\n\"We are extremely pleased to have successfully and fully deployed the proceeds from our March equity raise into this superior asset located in Toronto,\" said Daniel Drimmer, the REIT's President and Chief Executive Officer. \"This acquisition demonstrates all the attributes the REIT is seeking in its acquisitions: strategically located next to a major transit hub allowing direct access for its tenants and visitors, high-quality tenancy anchored by the Province of Ontario, and a Class \"A\" facility with superior operational efficiencies.\"\n\nThe purchase price for the Yonge Street Property is approximately $85.15 million, exclusive of closing costs, and is expected to be satisfied by a combination of: (i) first mortgage financing in the amount of approximately $55.0 million, with an estimated interest rate of approximately 3.7% for a five-year term; and (ii) cash on hand. The closing of the acquisition of the Yonge Street Property is expected to occur on or about June 6, 2018. With an average remaining lease term of 4.3 years, the Yonge Street Property is 92.4% occupied, with 74% of its revenue generated by government and credit-rated tenants.\n\nYonge Street Property\n\nSituated on 1.23 acres of prime real estate in North Toronto, this Class \"A\" office building fronting Yonge Street, includes a striking faça...