A leading Canadian real estate investment firm has completed its acquisition of $53.6 million worth of office properties in several high-demand urban markets.
The properties—situated in Toronto, Ottawa, and Victoria, B.C.—“represent a combined implied capitalization rate of approximately 7.9% and are expected to be immediately accretive to the [firm’s] adjusted funds from operations,” True North Commercial Real Estate Investment Trust announced earlier this week.
“The GTA Property is a two-storey office building situated on 3.03 acres of land with 31,410 rentable square feet and 178 parking stalls,” while “the Ottawa Property is a Class "A" single-tenant office building with approximately 148,120 rentable square feet and 510 parking stalls.”
“The Victoria Property is a nine-storey office building with approximately 47,650 rentable square feet and 45 parking stalls.”
All of the acquisitions are readily accessible via major roads in their respective areas, True North added.
“The acquisitions represent a significant accomplishment for our team, as we capitalized on these off-market opportunities and exercised patience to ensure we acquired properties consistent with our core strategies and at favourable cap rates. These acquisitions are in-line with the REIT’s stated objectives of growing its portfolio by adding properties with long-term leases and government and credit-rated tenants in strategic urban markets,” True North president and CEO Daniel Drimmer said.
“These acquisitions will allow us to enter the Victoria market as well as increase our presence in the GTA and Ottawa areas while adding high quality office buildings to our portfolio.”
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