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True North Commercial REIT to buy Toronto office building for C$85M

True North Commercial REIT agreed to purchase a class-A North Toronto office building on 1.23 acres for roughly C$85.2 million.

The office real estate investment trust expects to fund the acquisition of the 18-story, 274,085-square-foot building at 5775 Yonge St. through a C$55.0 million five-year mortgage with a 3.7% interest rate, and with cash on hand.

The property is 92.4% occupied, with an average remaining lease term of 4.3 years, and the purchase is expected to close June 6.

Separately, the REIT filed a preliminary short-form base shelf prospectus for the sale of up to C$300.0 million of securities from time to time.

The filing, which remains valid for 25 months, covers trust units, preferred trust units, debt securities, subscription receipts, warrants and units.