RICHMOND, BC, June 28 /CNW/ - Huntingdon Real Estate Investment Trust (the "Trust" or "HREIT") (TSX: HNT.UN) announced today that it has sold a 40,600 square foot industrial office property in Winnipeg, Manitoba, known as 1300 Church Avenue for $1.6 million. The sale resulted in net cash proceeds of approximately $0.5 million after expenses, closing adjustments, and the repayment of approximately $1.0 million of first mortgage debt. The sale price reflects an 8.4% cap rate and resulted in a net gain of approximately $0.4 million.
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, 80 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: email@example.com