A leading real estate investment trust has acquired 53.6 million worth of commercial property across Canada, including a prominent office building in downtown Victoria, B.C.
Toronto-based True North Commercial Real Estate Investment Trust has added 227,180 square feet of office space to its 1.94 million-square-foot portfolio. In addition to the 47,650-square-foot Victoria property at Fisgard Street, True North REIT acquired two office properties in Toronto and Ottawa.
“The properties represent a combined implied capitalization rate of approximately 7.9 per cent,” states the press release. “Upon completion of the acquisitions, occupancy is expected to be at 97.7 per cent.”
The Victoria property is a nine-storey building with a remaining lease term of nearly 3 years, occupied almost entirely by the Ministry of Forests and Range.
The Toronto office is a two-storey building with 31,410 square feet of rentable area and is fully occupied.
A single tenant occupies the Ottawa acquisition. At 148,120 square feet, the Class A single-tenant office building is the largest of the three properties.
All properties are easily accessible via major roadways and highways, True North notes.
“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,” said Daniel Drimmer, True North’s president and CEO.
