RICHMOND, BC, Aug. 3 /CNW/ - Huntingdon Real Estate Investment Trust (the "Trust" or "HREIT") (TSX: HNT.UN) announced today that it has closed the sale of a 35,397 square foot retail centre in Chemainus, British Columbia, known as the Chemainus Properties for $4.6 million. The sale resulted in net cash to HREIT of approximately $1.8 million after expenses, closing adjustments and the repayment of approximately $2.6 million of first mortgage debt. The sale price reflects a cap rate of approximately 8.5% and will result in a net gain of approximately $150,000.
HREIT is a real estate investment trust which is listed on the Toronto Stock Exchange under the symbols HNT.UN (Trust Units) and HNT.DB.C (Series C Convertible Debentures). HREIT owns, directly or indirectly, 79 income producing office, industrial, retail and standalone parking lot properties, including the aviation-related facilities at five of Canada's leading international airports that have a total gross leasable area of 5.5 million square feet; and two land parcels held for development, with other development and expansion opportunities within the portfolio.
The Toronto Stock Exchange has not reviewed or approved the contents of this press release and does not accept responsibility for the adequacy or accuracy of this press release.
SOURCE HUNTINGDON REAL ESTATE INVESTMENT TRUST
For further information: For further information: Zachary R. George, Trustee, President and Chief Executive Officer, Tel: (604) 249-5119, Fax: (604) 249-5101, Email: firstname.lastname@example.org