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True North Commercial to acquire 3 office properties in Canada for C$54M

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True North Commercial to acquire 3 office properties in Canada for C$54M

True North Commercial REIT will acquire three properties in Ontario and British Columbia in Canada, for approximately C$53.6 million.

The properties include a two-story, 31,410 square-foot office building and a class A 148,120 square-foot office property in Ontario, and a nine-story, 47,650 square-foot office property in British Columbia, representing a combined implied capitalization rate of approximately 7.9%.

The properties are expected to be 97.7% occupied at closing, with an average remaining lease term of 4.3 years.

The company plans to fund acquisition via proceeds from its November 2016 public unit offering, as well as a first mortgage financing on each of the properties in the aggregate amount of roughly C$34.4 million.