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TORONTO, April 18, 2024 /CNW/ - True North Commercial Real Estate Investment Trust (TSX: TNT.UN) (the "REIT") is pleased to announce it has completed the sale of two office properties for an aggregate sale price of $18.0 million (excluding transaction costs) totaling 70,700 square feet located at 251 Arvin Avenue, Hamilton, Ontario (the "Arvin Property") and 6865 Century Avenue, Mississauga, Ontario (the "Century Property"). In addition, to the previously announced unconditional sale of 135 Hunter Street East, Hamilton, Ontario (the "Hunter Property") for a sale price of $6.4 million that is expected to close on or about April 22, 2024, the REIT has entered into an unconditional agreement of purchase and sale to dispose of 9200 Glenlyon Parkway, Burnaby, British Columbia (the "Glenlyon Property") for a sale price of $37.0 million that is expected to close on or about June 27, 2024. The four dispositions are being sold for an aggregate sale price of $61.4 million and is above its initial aggregate purchase price of $56.8 million and above IFRS value as at December 31, 2023. The sales will generate estimated net proceeds of approximately $19.1 million which the REIT intends to use to repay existing indebtedness on its credit facility. The REIT also will continue to repurchase units under its normal course issuer bid, enhancing unitholder value by allocating available capital to generate the highest potential return.
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