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True North Commercial Real Estate Investment Trust Provides Update on Alberta Portfolio
True North Commercial Real Estate Investment Trust Provides Update on Alberta Portfolio ...
About this update from True North Commercial Reit
[{"type":"text","content":"\n\n\n\nTrue North Commercial Real Estate Investment Trust Provides Update on Alberta Portfolio\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, March 21, 2018\n\n\n\n/NOT FOR DISTRIBUTION IN THE U.S. OR OVER U.S. NEWSWIRES/\n\nAlberta Government renews and expands its footprint with a total of 108,000 square feet cementing its presence in the REIT's portfolio\n\n\n\nTORONTO, March 21, 2018 /CNW/ - True North Commercial Real Estate Investment Trust (TSX: TNT.UN) (the \"REIT\") is pleased to announce it has executed the following leases: (i) a lease renewal with Alberta Infrastructure at 855 8th Avenue SW, Calgary, Alberta (the \"Calgary property\"), totaling 48,046 square feet; and (ii) effective February 1, 2019, a new lease with Alberta Infrastructure at 13140 St. Albert Trail, Edmonton, Alberta (the \"Edmonton property\") totaling 60,000 square feet. With the addition of these leases, the weighted average remaining lease term for government tenants in the REIT's Alberta portfolio is 5.2 years.  In addition, the REIT has also secured mortgage financing at the Calgary property for an additional 5-year term at an interest rate of 3.96%.\n\n\"With our strategic focus of securing government and credit-rated tenants, we are delighted that Alberta Infrastructure is extending its occupancy at our Calgary property while increasing its presence at our Edmonton property\" said Daniel Drimmer, the REIT's President and Chief Executive Officer. \"The REIT's Alberta portfolio is well positioned as it is currently 97.3% occupied with 88.8% of its revenue generated from the Province of Alberta and credit-rated tenants.\"\n\n855 8th Avenue SW, Calgary, Alberta\n\nThis building is a 11-storey office building with approximately 75,700 square feet, 43 underground parking stalls and is 97.4% occupied. 72.4% of the property's gross revenues are generated by Alberta Infrastructure and credit-rated tenants and it is well situated at the southeast corner at the intersection of 8th Avenue SW and 8th Street SW.  \n\n...