MONTREAL, June 3, 2015 /CNW Telbec/ – (TSXV: NEL.UN) Nobel Real Estate Investment Trust (the “REIT” or “Nobel REIT“) is pleased to announce the continued execution of its growth plan by completing today its previously announced acquisition of 1901 Dickson / 5780 Ontario East in Montreal (Quebec).
As previously announced in its April 28, 2015 press release, this is a 91,068 square foot building strategically located on a 164,647 square feet land north of rue Notre-Dame Est and at the entrance of Souligny avenue that gives direct access to Highways 25, 20 and 40. This is a sale-leaseback transaction with a company related to the building’s single tenant. The building houses the headquarters of Dubo Ãlectrique LtÃ©e (“Dubo“), a showroom and its main distribution center. Dubo has been the leader and the consultant specialist for electrical, lighting, automation and control in Quebec for more than 50 years. The purchase price, excluding acquisition costs, is $7.8 million. Dubo has signed a new 10-year term lease with three renewal options of five years each, effective today.
This transaction is financed through a first mortgage, consented by MCAP Financial Corporation, in the amount of $5,460,000 at a rate of 4.02%. The team of Courtier R.C.S.I. Inc., real estate agents, acted as an intermediary in this transaction.
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 will focus on acquiring commercial retail, mixed-used retail, and industrial and suburban office properties in the primary and secondary markets in the Province of QuÃ©bec. Nobel REIT currently owns ten properties located in QuÃ©bec, comprising 513,972 square feet of gross leasable area.
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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.
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SOURCE Nobel Real Estate Investment Trust