174,000 square feet, 98% occupied, 6.4 years
WALT, LEED Gold Certified
/NOT FOR DISTRIBUTION IN THE U.S. OR OVER U.S.
NEWSWIRES/
TORONTO, Aug. 22,
2022 /CNW/ - True North Commercial Real Estate
Investment Trust (TSX: TNT.UN) (the "REIT") is pleased to
announce it has closed the previously announced acquisition of a
Federal government tenanted office property located at 400
Cumberland Street, Ottawa, Ontario
(the "Ottawa Property") and the renewal of its revolving
credit facility. The acquisition of the Ottawa Property continues
the REIT's strategy of expanding into urban locations and allows
the REIT to capitalize operational efficiencies with its existing
assets in downtown Ottawa. Renewal
of the credit facility for a two-year term maturing on December 1, 2024 includes an increase from
$60 million to $68 million, with the additional $8 million expiring on June 30, 2023 to align with the sale of 32071
South Fraser Way, Abbotsford, British
Columbia.
The Ottawa Property is an 11-storey, LEED Gold certified office
property totaling 174,000 square feet with 53 underground parking
stalls. The Ottawa Property has an average remaining lease term of
6.4 years and is 98% occupied with the majority leased to the
Federal Government of Canada. The
Ottawa Property is in close proximity to Rideau Station on the
recently completed O-Train LRT and is located in Ottawa's Byward Market neighbourhood with
various surrounding amenities such as hotels, convention centres,
restaurants and shopping centres.
The purchase price of the Ottawa Property is $40.5 million, exclusive of closing costs. The
acquisition was satisfied by a combination of first mortgage
financing of approximately $30.4
million and the REIT's secured credit facility.
About the REIT
The 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 47 properties consisting of approximately 5.0
million square feet in urban and select strategic secondary markets
across Canada. The REIT is focused
on growing its portfolio principally through acquisitions across
Canada and such other
jurisdictions where opportunities exist.
For more information regarding the REIT, please visit
www.sedar.com or the REIT's website at www.truenorthreit.com.
SOURCE True North Commercial Real Estate Investment Trust