Business
True North Commercial Real Estate Investment Trust Furthers Its Urban Growth Strategy with Acquisition in Victoria, British Columbia
True North Commercial Real Estate Investment Trust Furthers Its Urban Growth Strategy wit...
About this update from True North Commercial Reit
[{"type":"text","content":"\n \n \n \n True North Commercial Real Estate Investment Trust Furthers Its Urban Growth Strategy with Acquisition in Victoria, British Columbia\n \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 Canada NewsWire\n \n \n \n \n \n \n \n \n \n 52,000 square feet, 100% occupied, 84% government tenanted\n \n \n \n \n /NOT FOR DISTRIBUTION IN THE U.S. OR OVER U.S. NEWSWIRES/\n \n \n \n \n TORONTO\n \n ,\n \n Sept. 13, 2021\n \n /CNW/ - True North Commercial Real Estate Investment Trust (TSX: TNT.UN) (the \"\n \n REIT\n \n \") is pleased to announce it has agreed to acquire an office property located at 1112 Fort Street,\n \n Victoria, British Columbia\n \n (the \"\n \n Victoria Property\n \n \"). The acquisition of the Victoria Property continues the REIT's strategy of expanding into urban locations and will also further increase its existing presence in downtown\n \n Victoria\n \n .\n \n \n \"The REIT continues to improve the stability of its cash flow with the strategic redeployment of the proceeds from its recent disposition into an off-market acquisition comprised largely of government tenants.\" said\n \n Leslie Veiner\n \n , the REIT's Chief Executive Officer. \"This acquisition is reflective of the REIT's strategy of acquiring properties in urban locations with a high concentration of government and credit rated tenants. It also builds on our existing footprint in the stable\n \n Victoria\n \n office market which is benefitting from one of the most compelling supply and demand fundamentals in\n \n Canada\n \n .\"\n \n \n The purchase price of the Victoria Property is approximately\n \n $22.0 million\n \n , exclusive of closing costs. The acquisition is expected to be satisfied by a combination of: (i) first mortgage financing on the Victoria Property in the amount of approximately\n \n $14.3 million\n \n ; and (ii) proceeds from the REIT's recent disposition of 5900 Explorer Drive,\n \n Mississauga\n \n . Closing is expected to occur mid\n \n October 2021\n \n .\n \n \n \n \n \n Victoria ...