True North Business Actual Property Funding Believe Closes Acquisition of Federal Govt Tenanted Belongings in Downtown Ottawa

True North Business Actual Property Funding Believe Closes Acquisition of Federal Govt Tenanted Belongings in Downtown Ottawa

174,000 sq. ft, 98% occupied, 6.4 years WALT, LEED Gold Qualified

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TORONTO, Aug. 22, 2022 /CNW/ – True North Business Actual Property Funding Believe (TSX: TNT.UN) (the “REIT“) is happy to announce it has closed the prior to now introduced acquisition of a Federal govt tenanted place of job assets positioned at 400 Cumberland Boulevard, Ottawa, Ontario (the “Ottawa Belongings“) and the renewal of its revolving credit score facility. The purchase of the Ottawa Belongings continues the REIT’s technique of increasing into city places and lets in the REIT to capitalize operational efficiencies with its present property in downtown Ottawa. Renewal of the credit score facility for a two-year time period maturing on December 1, 2024 comprises an building up from $60 million to $68 million, with the extra $8 million expiring on June 30, 2023 to align with the sale of 32071 South Fraser Manner, Abbotsford, British Columbia.

The Ottawa Belongings is an 11-storey, LEED Gold qualified place of job assets totaling 174,000 sq. ft with 53 underground parking stalls. The Ottawa Belongings has a mean closing rent time period of 6.4 years and is 98% serious about the bulk leased to the Federal Govt of Canada. The Ottawa Belongings is in shut proximity to Rideau Station at the lately finished O-Teach LRT and is positioned in Ottawa’s Byward Marketplace neighbourhood with more than a few surrounding facilities corresponding to inns, conference centres, eating places and buying groceries centres.

The acquisition value of the Ottawa Belongings is $40.5 million, unique of final prices. The purchase was once glad via a mix of first loan financing of roughly $30.4 million and the REIT’s secured credit score facility.

In regards to the REIT

The REIT is an unincorporated, open-ended actual property funding consider established beneath the regulations of the Province of Ontario. The REIT recently owns and operates a portfolio of 47 homes consisting of roughly 5.0 million sq. ft in city and make a choice strategic secondary markets throughout Canada. The REIT is serious about rising its portfolio basically via acquisitions throughout Canada and such different jurisdictions the place alternatives exist.

For more info in regards to the REIT, please consult with www.sedar.com or the REIT’s website online at www.truenorthreit.com.

SOURCE True North Business Actual Property Funding Believe

True North Business Actual Property Funding Believe Closes Acquisition of Federal Govt Tenanted Belongings in Downtown Ottawa

For additional data: Daniel Drimmer, Leader Govt Officer, (416) 234-8444; or Tracy Sherren, President and Leader Monetary Officer, (416) 234-8444

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