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True North Commercial Real Estate Investment Trust Successfully Completes Deployment of July 2018 Unit Offering with a High Quality Office Property Acquisition in Burnaby, British Columbia
True North Commercial Real Estate Investment Trust Successfully Completes Deployment of Ju...
About this update from True North Commercial Reit
[{"type":"text","content":"\n\n\n\nTrue North Commercial Real Estate Investment Trust Successfully Completes Deployment of July 2018 Unit Offering with a High Quality Office Property Acquisition in Burnaby, British Columbia\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, Oct. 24, 2018\n\n\n\n90,550 square foot, 100% occupied by Credit-Rated Tenant with 8.5 year lease\n/NOT FOR DISTRIBUTION IN THE U.S. OR OVER U.S. NEWSWIRES/\n TORONTO, Oct. 24, 2018 /CNW/ - True North Commercial Real Estate Investment Trust  (TSX: TNT.UN) (the \"REIT\") is pleased to announce it has agreed to acquire a 90,550 square foot high quality office property located at 9200 Glenlyon Parkway, Burnaby, British Columbia (the \"Burnaby Property\").\n\"We were pleased through one of our many cross-country relationships that the opportunity arose to acquire a high quality asset that meets the REIT's core strategy of acquiring properties occupied by credit-rated tenants with long term leases\", said Daniel Drimmer, the REIT's President and Chief Executive Officer.  \"Upon the completion of this acquisition, the proceeds from the July 2018 public unit offering will be fully deployed and we will no longer be pursuing the remaining two acquisitions described in the REIT's July 2018 prospectus supplement.\"\nThe purchase price for the Burnaby Property is approximately $35.25 million, exclusive of closing costs, and is expected to be satisfied by the remaining proceeds (including the over-allotment) from the REIT's July 2018 public unit offering, and first mortgage financing on the property in the amount of approximately $22.6 million, with an estimated annual interest rate of approximately 4.05% for a 8 year term. \nThe Burnaby Property is a three-storey high quality office building with 90,550 rentable square feet and 310 parking stalls.  Situated on 5.97 acres, the property is located in the heart of Glenlyon Business Park in South Burnaby' Big Bend area which is located in the centre of Metro Vancouver and benefits from close proximity to Vancouver Interna...