Business
True North Commercial Real Estate Investment Trust Increases Footprint in Ottawa with Property Acquisition and Continues Deployment of July 2018 Unit Offering
True North Commercial Real Estate Investment Trust Increases Footprint in Ottawa with Prop...
About this update from True North Commercial Reit
[{"type":"text","content":"\n\n\n\nTrue North Commercial Real Estate Investment Trust Increases Footprint in Ottawa with Property Acquisition and Continues Deployment of July 2018 Unit Offering\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, Sept. 5, 2018\n\n\n\n40,000 square foot, 100% occupied by Federal Government of Canada with 5.5 year lease\n\n/NOT FOR DISTRIBUTION IN THE U.S. OR OVER U.S. NEWSWIRES/\n\n\n\nTORONTO, Sept. 5, 2018 /CNW/ - True North Commercial Real Estate Investment Trust  (TSX: TNT.UN) (the \"REIT\") is pleased to announce it has agreed to acquire a 40,000 square foot office property located at 2300 St. Laurent Boulevard, Ottawa, Ontario (the \"Ottawa Property\").\n\nThe purchase price for the Ottawa Property is approximately $6.3 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 $4.41 million, with an estimated annual interest rate of approximately 3.9% for a 5 year term. \n\nClosing is expected to be on or about October 1, 2018.\n\nOttawa Property\n\nThe Ottawa Property is a two-storey office building with 40,000 rentable square feet and 92 parking stalls.  Situated on 3.42 acres, the property is strategically located in the Ottawa Business Park, one of the city's most established employment hubs located southeast of downtown Ottawa  The property is also fully serviced by public transit, major arterial roadways including Highway 417, and is in close proximity to the Ottawa International Airport. With a remaining lease term of 5.5 years, the building is 100% occupied by the Federal Government of Canada.\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 43 commercial properties consisting of approximately 3.42 million square feet in urban and select strategic secondary markets across Canada. The RE...