True North closes deal for Class “A” office building in Ottawa

Premier office building acquired for $31.5 million

True North closes deal for Class “A” office building in Ottawa
An Ontario-based unincorporated real estate investment trust has announced its acquisition of a Class “A” office building situated at 61 Bill Leathem Drive, Ottawa.

True North Commercial Real Estate Investment Trust closed the deal for the premier office building, which boasts of 510 parking stalls and 148,120 square feet of rentable space.

“The $31.5 million purchase price for the Ottawa Property was satisfied from the REIT's November public unit offering and mortgage financing of approximately $20 million, with an annual interest rate of 2.84% for a 5 year term,” the company said.

“The acquisition of this property complements our expanding portfolio of high quality commercial real estate and increases our presence in the Ottawa area,” True North Commercial president and CEO Daniel Drimmer said.

“Together with the previously announced acquisition of 5160 Orbitor Drive, Mississauga, Ontario and 727 Fisgard Street, Victoria, British Columbia scheduled to close on or about June 27, 2017, these acquisitions reflect the REIT’s ability to capitalize on off-market opportunities with favourable cap rates, while staying in-line with the REIT's stated objectives of growing its portfolio by adding quality properties in strategic urban markets with government and credit-rated tenants and long term leases.”

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