MONTREAL, March 17, 2016 /CNW Telbec/ – (TSXV: NEL.UN) Nobel Real Estate Investment Trust (“Nobel REIT” or the “REIT“) is pleased to announce that it intends to complete the acquisition of 50% of the units of SociÃ©tÃ© en commandite 2045 Stanley (the “2045 Stanley LP“), the limited partnership that owns the office building located at 2039-2047 Stanley in Downtown Montreal, as well as 50% of the shares of 9301-6897 QuÃ©bec Inc., the general partner of 2045 Stanley LP, of which the units and shares are currently 100% owned by Fiducie Notariale ImmobiliÃ¨re (which translates into Notarial Real Estate Trust), for an aggregate purchase price of approximately $12,500,000, excluding acquisitions costs (the “Acquisition“). The Acquisition is expected to close on or about April 1st, 2016.
According to Jean Teasdale, President and CEO of Nobel REIT, “The presence of Nobel REIT in downtown Montreal is a new step in the REIT’s growth and we will be moving our headquarters there as soon as possible. Furthermore, we are very pleased to enter in a partnership with Fiducie Notariale ImmobiliÃ¨re for the ownership of the 2045 Stanley property and to count among our future tenants such a prestigious organization as the Chambre des notaires du QuÃ©bec. This organization will occupy about 40% of the gross leasable area. “
For its part, Jacques Deforges, General Manager of the Chambre des notaires du QuÃ©bec said “The Chambre des notaires du QuÃ©bec will be moving its offices there in December 2017. A space dedicated to the general public will be located on the ground floor; a place for information, but also for public education.”
The REIT is still working to finalize the necessary financing to complete the acquisition; details will be announced shortly.
About Nobel REIT
Nobel REIT is an unincorporated open-ended real estate investment trust governed by the laws of the Province of QuÃ©bec. Nobel REIT has been created for the purpose of acquiring and owning income producing properties. The REIT focuses on acquiring commercial retail, mixed-used retail, industrial and office properties in the primary markets in the Province of QuÃ©bec and Canada. Nobel REIT currently owns, in whole or in part, sixteen properties located in QuÃ©bec, comprising 763,729 square feet of gross leasable area.
About 2045 Stanley LP
The 2045 Stanley LP is an entity that was created in order to acquire and operate the office building located at 2039-2047 Stanley in Downtown Montreal.
About Fiducie Notariale ImmobiliÃ¨re
Fiducie Notariale ImmobiliÃ¨re was created in order to act as a special partner of 2045 Stanley LP.
About Chambre des notaires du QuÃ©bec
The Chambre des notaires du QuÃ©bec is the professional order of more than 3,900 notaries. Its main mission is to ensure the protection of the public using its members’ services. In this perspective, the Chambre collaborates, through its interventions, so that the values on which is founded the Quebec legal system are conveyed or protected, namely, equality, equity and individual and collective responsibilities.
Disclaimer â Safe Harbour ForwardâLooking Statements
Forward-looking statements contained in this press release involve known and unknown risks, uncertainties and other factors that may cause actual results, performance and achievements of Nobel REIT to be materially different from any future results, performance or achievements expressed or implied by the said forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Nobel Real Estate Investment Trust
Image with caption: “Aerial view of the 2045 Stanley (CNW Group/Nobel Real Estate Investment Trust)”. Image available at: http://photos.newswire.ca/images/download/20160317_C7421_PHOTO_EN_645741.jpg