MONTREAL, Sept. 18, 2015 /CNW Telbec/ - (TSXV: NEL.UN)
Nobel Real Estate Investment Trust (the "REIT" or "Nobel
REIT") is pleased to announce that it has completed the
acquisition, in joint tenancy, of 50% of an investment property
located at 72 rue Laval in
Gatineau (Quebec), the other half being acquired by Rue
Laval Property Limited Partnership ("Rue Laval LP"), a
business from Ottawa.
72 rue Laval is a high quality
office building, with a gross leasable area of 68,365 square feet,
located on a land of 18,286 square feet in the nerve centre of
Gatineau's government affairs; the
occupancy rate is 98.8% and the main tenant is Public Works and
Government Services Canada. The purchase price for Nobel is
$9,250,000, excluding acquisition
costs.
Nobel REIT's portion of the transaction is financed in part by
proceeds from the REIT's equity private placement completed on
June 2, 2015, by a short-term bridge
financing granted by Desjardins and by a mortgage from MCAP
Financial Corporation.
"Following the acquisition of fifteen properties in the greater
Montreal area, Nobel REIT is happy
to set foot in the Ottawa-Gatineau region. This property will be managed
by Nobel REIT, except for the day to day attendance and
maintenance, as well as all leasing activities, which will be under
the responsibility of Huntington Property Group Inc., a limited
partner of Rue Laval LP. Nobel REIT now owns over
$100,000,000 of high quality real
estate assets; we are very proud to have been able to reach this
level so quickly by diligently executing our strategic plan
for growth." stated Jean Teasdale,
President and Chief Executive Officer of Nobel REIT.
September Distribution
Nobel REIT is also pleased to announce today a cash distribution
of $0.014165 per Trust Unit for the
month of September 2015. The
distribution will be payable on October 15,
2015 to unitholders of record as at September 30, 2015
About Nobel REIT
Nobel REIT is an unincorporated open-ended real estate
investment trust governed by the laws of the Province of Québec.
Nobel REIT has been created for the purpose of acquiring and owning
income producing properties. The REIT focuses on acquiring
commercial retail, mixed-used retail, industrial and office
properties in the primary markets in the Province of Québec and
Canada. Nobel REIT currently owns,
in whole or in part, sixteen properties located in Québec,
comprising 762,900 square feet of gross leasable area.
Disclaimer – Safe Harbour Forward–Looking Statements
Forward-looking statements contained in this press release
involve known and unknown risks, uncertainties and other factors
that may cause actual results, performance and achievements of
Nobel REIT to be materially different from any future results,
performance or achievements expressed or implied by the said
forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
SOURCE Nobel Real Estate Investment Trust