True North Commercial Real Estate Investment Trust Closes Acquisition of a Government Tenanted Property in Victoria, British Columbia

52,000 square feet, 100% occupied


TORONTO, Oct. 13, 2021 /CNW/ – True North Commercial Real Estate Investment Trust (TSX: TNT.UN) (the “REIT“) is pleased to announce it has closed the previously announced acquisition of a government tenanted office property located at 1112 Fort Street, Victoria, British Columbia (the “Victoria Property“). The acquisition of the Victoria Property continues the REIT’s strategy of expanding into urban locations and will also further increase its presence in downtown Victoria.

The Victoria Property is a 6-storey office building of approximately 52,000 rentable square feet with 11 surface parking stalls and 32 underground parking stalls. The Victoria Property is within walking distance to downtown Victoria; is located near two major arterial roads (Patricia Bay Highway and Trans-Canada Highway); and offers access to public transit. With a weighted average remaining lease term of 4.9 years, the building is 100% occupied including 84% by the Province of British Columbia.

The $22.0 million purchase price was satisfied by: (i) first mortgage financing in the amount of approximately $14.3 million with an interest rate of 2.49% for a 5-year term; and (ii) net-proceeds from the REIT’s recent disposition of 5900 Explorer Drive, Mississauga, Ontario.

About the REIT

The REIT is an unincorporated, open-ended real estate investment trust established under the laws of the Province of Ontario. The REIT currently owns and operates a portfolio of 46 properties consisting of approximately 4.8 million square feet in urban and select strategic secondary markets across Canada. The REIT is focused on growing its portfolio principally through acquisitions across Canada and such other jurisdictions where opportunities exist.

For more information regarding the REIT, please visit or the REIT’s website at

SOURCE True North Commercial Real Estate Investment Trust

True North Commercial Real Estate Investment Trust Closes Acquisition of a Government Tenanted Property in Victoria, British Columbia WeeklyReviewer

PR Newswire Business News

Earnings Disclosure

WeeklyReviewer earns primarily through affiliates and ads. We don’t encourage anyone to click on ads for any other purpose but your own. We recommend products and services often for our readers, and through many we will earn commissions through affiliate programs.

WeeklyReviewer earns commissions through affiliates of qualifying products through Amazon Associates, Fiverr Affiliates, Hostgator Affiliates, Namecheap Affiliates, NordVPN Affiliates, Semrush Affiliates, Alibaba Affiliates, Clickfunnels Affiliate, Leadpages Affiliates, Cryptohopper Affiliates, Binance Affiliates and more.

Clicking on links in WeeklyReviewer may or may not provide us commission through any qualifying purchases.

Avatar of World Reviewer Staff
World Reviewer Staff
The first logical thought has to be "no way". I'm the World Observer! Ill find and share important news all day.

Latest articles

Related articles