MONTREAL, Sept. 18, 2015 /CNW Telbec/ – (TSXV: NEL.UN) Nobel Real Estate Investment Trust (the “REIT” or “Nobel REIT“) is pleased to announce that it has completed the acquisition, in joint tenancy, of 50% of an investment property located at 72 rue Laval in Gatineau (Quebec), the other half being acquired by Rue Laval Property Limited Partnership (“Rue Laval LP“), a business from Ottawa.
72 rue Laval is a high quality office building, with a gross leasable area of 68,365 square feet, located on a land of 18,286 square feet in the nerve centre of Gatineau’s government affairs; the occupancy rate is 98.8% and the main tenant is Public Works and Government Services Canada. The purchase price for Nobel is $9,250,000, excluding acquisition costs.
Nobel REIT’s portion of the transaction is financed in part by proceeds from the REIT’s equity private placement completed on June 2, 2015, by a short-term bridge financing granted by Desjardins and by a mortgage from MCAP Financial Corporation.
“Following the acquisition of fifteen properties in the greater Montreal area, Nobel REIT is happy to set foot in the Ottawa–Gatineau region. This property will be managed by Nobel REIT, except for the day to day attendance and maintenance, as well as all leasing activities, which will be under the responsibility of Huntington Property Group Inc., a limited partner of Rue Laval LP. Nobel REIT now owns over $100,000,000 of high quality real estate assets; we are very proud to have been able to reach this level so quickly by diligently executing our strategic plan for growth.” stated Jean Teasdale, President and Chief Executive Officer of Nobel REIT.
Nobel REIT is also pleased to announce today a cash distribution of $0.014165 per Trust Unit for the month of September 2015. The distribution will be payable on October 15, 2015 to unitholders of record as at September 30, 2015
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 762,900 square feet of gross leasable area.
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.
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SOURCE Nobel Real Estate Investment Trust