VANCOUVER, Feb. 22 /CNW/ - Huntingdon Real Estate Investment Trust ("HREIT") (TSX: HNT.UN) today announced that it has completed the previously announced sale of a suburban office property in Winnipeg, Manitoba, known as 67 Scurfield. The property was sold for $4.2 million and resulted in net cash to HREIT of approximately $1.35 million, after expenses and closing adjustments. The sale price reflects a capitalization rate of approximately 7.1% based on 2009 net operating income.
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, 85 income producing office, industrial, retail and standalone parking lot properties, including the aviation-related facilities on ground leased land at five of Canada's leading international airports, that have a total gross leaseable area of 5.7 million square feet; two land parcels held for development and one property held for sale, with other development and expansion opportunities within the portfolio. HREIT also owns Consolidated Real Estate Services Inc., a property management business.
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