True North Commercial Real Estate Investment Trust Announces Sale of 5900 Explorer Drive, Mississauga
/ NOT FOR DISTRIBUTION IN THE US OR THROUGH US NEWSWIRES /
TORONTO, June 1, 2021 / CNW / – True North Commercial Real Estate Investment Trust (TSX: TNT.UN) (the “REIT”) is pleased to announce that the sale of a 40,000-square-foot office property on 5900 Explorer Drive, Mississauga, Ontario (the “GTA Property”) for sale at $ 11.9 million, without transaction costs. The REIT intends to use the net proceeds for general escrow purposes and future acquisitions.
“The 5900 Explorer Drive divestment represents the continuous transition in the REIT’s evolution towards larger assets in urban markets while opportunistically disposing of an asset above its original purchase price and IFRS value,” said Leslie Veiner, the Chief Executive Officer of the REIT. “We remain committed to continuing our capital recycling and acquisition program in 2021 and into the future.”
The GTA property is a two story office building on 2.55 acres in Mississaugas Airport Corporate Center and was bought by the REIT in August 2016 for $ 10.5 million. Without transaction costs, the REIT will presumably a $ 1.8 million Capital gain above fair value from Q1-2021.
About the REIT
The REIT is an unregistered, open-ended real estate investment trust established under the laws of the province Ontario. The REIT currently owns and operates a portfolio of 45 properties, approximately 4.8 million square feet in urban and select strategic secondary markets throughout Canada. The REIT is focused on growing its portfolio primarily through acquisitions across the country Canada and other jurisdictions where opportunities exist.
Further information on the REIT can be found at www.sedar.com or on the REIT’s website at www.truenorthreit.com.
Certain statements in this press release constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking statements are provided to assist the reader in understanding the financial performance, financial condition, and cash flows of the REIT on and for periods ending on certain dates and for information present about the current expectations and plans of management in relation to the future. Readers are cautioned that such statements may not be suitable for other purposes. Forward-looking information may relate to future results, performance, accomplishments, events, prospects, or opportunities for the REIT or the real estate industry and may include statements regarding the REIT’s financial condition, business strategy, budgets, projected costs, investments, financial results, taxes, plans and goals of the REIT. In some cases, forward-looking information may be identified by terms such as “may”, “could”, “will”, “could”, “should”, “would”, “expect”, “plan”, “foresee”. , “believe”, “intend”, “seek”, “aim”, “estimate”, “aim”, “aim”, “project”, “forecast”, “forecast”, “potential”, “next”, ” likely “or its negative or other similar expressions indicative of future results or events.
The story goes on
Forward-looking statements necessarily involve known and unknown risks and uncertainties, which may be general or specific, and which create the possibility that expectations, forecasts, predictions, projections or conclusions may prove to be incorrect, assumptions are incorrect, and objectives, strategic objectives and priorities may prove to be incorrect may not be reached. A variety of factors, many of which are beyond the control of the REIT, affect the operations, performance, and results of the REIT and its business and could cause actual results, including those related to the disposal of the GTA property , expectations of estimated or expected events or results differ materially from current expectations. These factors include, but are not limited to, risks associated with the REIT’s trust units (“Units”) and risks associated with the REIT’s annual information form for the past year December 31, 2020, void and analyze management’s discussion and analysis under Risks and Uncertainties and the risks discussed in the REIT materials that are from time to time filed with the Canadian Securities and Exchange Commission on www.sedar.com. Readers are cautioned to carefully consider these and other factors, uncertainties and potential events and not to place undue reliance on forward-looking statements as there can be no assurance that actual results will match such forward-looking statements.
The information contained in forward-looking statements is based on certain material assumptions that are used in drawing conclusions or projections or projections, including management’s perception of historical trends, current conditions and expected future developments as well as the financial performance of the REIT resulting from the Disposal of GTA property and other considerations that are deemed appropriate in the circumstances. No representation can be made regarding: (a) the extent of the impact of the Coronavirus (SARS-CoV-2) (“COVID-19”) on the business, operations and performance of the REIT, including the performance of its entities ; (b) the ability of the REIT to mitigate any impact related to COVID-19; (c) credit, market, operational and liquidity risks in general; (d) Starlight Group Property Holdings Inc. or one of its affiliates, which continues to act as the REIT’s asset manager in accordance with its current asset management agreement ;; and (e) other risks inherent in the REIT’s business and / or factors beyond its control and which could have a material adverse effect on the REIT.
The forward-looking statements made relate only to events or information as of the date on which the statements in this press release are made. Unless expressly required by applicable Canadian law, the REIT assumes no obligation to update or publicly revise any forward-looking statements after the date on which the statements are made, whether as a result of new information, future events or other unforeseen reasons Events.
SOURCE True North Commercial Real Estate Investment Trust
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