MONTREAL, Sept. 19, 2016 /CNW Telbec/ – (TSXV: NEL.UN) Nobel Real Estate Investment Trust (the “REIT” or “Nobel REIT“) announces that it has reached a definitive agreement for the sale of the property located at 1190 Place Nobel in Boucherville, which has a gross leasable area of approximately 19,000 square feet, to the accounting firm Labranche Therrien Daoust LefranÃ§ois for a total purchase price of $ 4.05 million in cash, subject to certain customary adjustments. The closing of the transaction will take place on or about September 30, 2016.
According to the President and Chief Executive of Nobel REIT, Jean Teasdale, “Although we are in a growth phase and that the sale of asset is not our goal, we will dispose of this investment property for strategic reasons. The REIT will use the proceeds from the sale to reduce its debt, in preparation for the next round of acquisitions.”
Nobel REIT is also pleased to announce today a cash distribution of $0.014165 per Trust Unit for the month of September 2016. The distribution will be payable on October 17, 2016 to unitholders of record as at September 30, 2016
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, directly or indirectly, seventeen properties located in QuÃ©bec, comprising more than 888,000 square feet of gross leasable area.
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SOURCE Nobel Real Estate Investment Trust