WINNIPEG, March 23 /CNW/ - Huntingdon Real Estate Investment Trust
("HREIT") (TSX: HNT.UN) announced today that it has completed the previously
announced acquisitions of three recently built Alberta industrial properties.
The properties, which contain a combined total of 94,960 square feet of
leasable area and are located in three of the primary western Canadian oil and
gas centres, are as follows:
1. 7001 - 96th Street, Grande Prairie, Alberta, is a 28,280 square
foot industrial building, with a 5,000 square foot secondary
building, situated on a 14.77-acre site.
2. 4080 - 77 Street, Red Deer, Alberta, is a 28,280 square foot
industrial building, with a 5,000 square foot secondary building,
situated on an 11.76-acre site.
3. 35 Martin Way, Brooks, Alberta, is 23,400 square foot industrial
building, with a 5,000 square foot secondary building, situated on a
The properties are being leased-back to the vendor, Leader Energy
Services Ltd. ("Leader") for its western Canadian oilfield services
facilities. Leader is a TSX Venture listed company that provides well
stimulation and cementing services to the oil and gas industry in western
Canada and northeastern United States. Leader has entered into a 20-year,
triple net lease with rent increases every five years.
The purchase price of $19.6 Million, subject to the usual closing
adjustments, was funded by a first mortgage loan in the amount of $13,975,000
and the balance in cash. The first mortgage loan has a five-year term and
bears interest at 5.63%.
HREIT is a real estate investment trust, which is listed on the Toronto
Stock Exchange under the symbol HNT.UN. The objective of HREIT is to provide
Unitholders with stable and growing cash distributions from investments in a
geographically diversified Canadian portfolio of quality commercial and
industrial real estate properties. There are currently 71,888,568 trust units
outstanding. For further information on HREIT, please visit our website at
This press release contains certain statements that could be considered
as forward-looking information. The forward-looking information is subject to
certain risks and uncertainties, which could result in actual results
differing materially from the forward-looking statements.
The TSX has not reviewed or approved the contents of this press release
and does not accept responsibility for the adequacy or accuracy of this
For further information:
For further information: Arni Thorsteinson, President & Chief Executive
Officer, or Gino Romagnoli, Investor Relations, Tel: (204) 475-9090, Fax:
(204) 452-5505, Email: email@example.com