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True North Commercial REIT is in the process of selling four office properties in Ontario and B.C. for $61.4 million.

True North Selling Four Office Properties for $61.4M

True North Commercial REIT is in the process of selling four office properties in Ontario and B.C. for $61.4 million.

Toronto-based True North expects the deals to generate $19.1 million in net proceeds, which the REIT plans to use to reduce debt on its credit facility.

“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, True North’s president and CEO, in a news release. “All four properties were either sold, or will be sold, for more than their initial purchase value.”

True North has completed the sales of two properties in Hamilton and Mississauga, Ont., 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. The deal is expected to close this week.

True North has also agreed to sell its 9200 Glenlyon Parkway asset in Burnaby, B.C. for $37 million. The deal is expected to be completed in June.

Buyers were not identified.

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

Photo: True North Commercial REIT


Inside The Story

True North Commercial REIT

About Monte Stewart

Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate. Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s. In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star. Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.

  • ◦Sale/Acquisition
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