MONTREAL, June 19, 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 of 955 MichÃ¨le-Bohec Boulevard in Blainville (QuÃ©bec).
As previously announced in the June 9, 2015 press release, this is a fully leased 34,640 square feet office building, strategically located on a 75,990 square feet land alongside Highway 15, in Blainville’s business park. The purchase price, excluding acquisitions costs, is $7,075,000.
This transaction is financed in part by proceeds from the REIT’s recently completed equity private placement and by a mortgage of $4,745,000 consented by Desjardins. The Montreal team of Jones Lang Lasalle, real estate brokers, acted as an intermediary in the transaction.
“At the same date last year, Nobel REIT owned two investments properties, acquired for $14,650,000 as part of its Qualifying Transaction; we are now on the doorstep of $100,000,000 in real estate assets, with fifteen properties acquired for a total of $92,900,000, excluding acquisition costs. We are very proud to have been able to achieve such progress during the past year” stated Jean Teasdale, President and Chief Executive of Nobel.
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 office properties in the primary and secondary markets in the Province of QuÃ©bec. Nobel REIT currently owns fifteen properties located in QuÃ©bec, comprising 690,985 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