True North Commercial Real Estate Investment Trust (TSX: TNT.UN) has declared its early renewal of a lease with EMS Technologies Canada, Ltd., a designer and fabricator of satellite communications technology for terrestrial and space applications.
The renewed space totaled 107,243 square feet, and extended the Honeywell International Inc. subsidiary’s 10-year occupancy at 400 Maple Grove Road, Ottawa, Ontario for another 7 years. EMS currently occupies the two-storey Maple Grove office building.
“It is the REIT’s intention to refinance the mortgage on the property for a further seven years to coincide with the new lease maturity,” True North announced.
“EMS complements our strategic focus of securing government and credit-worthy tenants,” True North president and CEO Daniel Drimmer added. “We are pleased to have this early renewal which ensures EMS continues to occupy a building that is uniquely suited to their needs and our unitholders have the security of a long-term credit rated tenant.”\
True North Commercial REIT schedules release of Q1 2017 results
Development sites sold amid record scarcity levels in Ontario