True North Commercial REIT has completed four non-core office asset sales in B.C. and Ontario for $61.4 million.

Toronto-based True North announced recently that it has closed on the sale of 9200 Glenlyon Parkway in Burnaby, B.C., for $37 million. The completion came after True North closed on the sale of three other office assets in Mississauga, Ont., (one) and Hamilton (two) in the spring.

True North previously said it expects the sales to generate $19.1 million in net proceeds, which the REIT plans to use to reduce debt on its credit facility. The divestments have enabled True North to enhance its overall liquidity position while continuing to focus on the immediately accretive normal course issuer bid repurchase program whereby units can currently be repurchased at a significant discount to the REIT’s net asset value and at an inferred distribution yield of approximately 20.0%.

“With available liquidity in the market for smaller commercial properties, the REIT capitalized by strategically disposing select smaller non-core assets under favourable terms,” said Daniel Drimmer, the Toronto-based REIT’s CEO, in a news release.

“All four properties were sold for more than their initial purchase value. These dispositions underscore the strength of the REIT’s portfolio and its ability to access liquidity and attract buyers for its assets despite challenging market conditions.”

True North previously closed on two properties in Hamilton and Mississauga for $18 million. The two buildings are located at 251 Arvin Avenue in Hamilton and 6865 Century Avenue in Mississauga. They comprise 70,700 square feet altogether.

True North also sold a single-tenant property at 135 Hunter Street East in Hamilton unconditionally for $6.4 million.

Buyers were not identified.

Pictured: Office property at 9200 Glenlyon Parkway in Burnaby, B.C.

Photo: True North Commercial REIT