MONTREAL, Sept. 19, 2016 /CNW Telbec/ - (TSXV: NEL.UN) Nobel Real Estate Investment Trust (the "REIT" or "Nobel REIT") announces that it has reached a definitive agreement for the sale of the property located at 1190 Place Nobel in Boucherville, which has a gross leasable area of approximately 19,000 square feet, to the accounting firm Labranche Therrien Daoust Lefrançois for a total purchase price of $ 4.05 million in cash, subject to certain customary adjustments. The closing of the transaction will take place on or about September 30, 2016.
According to the President and Chief Executive of Nobel REIT, Jean Teasdale, "Although we are in a growth phase and that the sale of asset is not our goal, we will dispose of this investment property for strategic reasons. The REIT will use the proceeds from the sale to reduce its debt, in preparation for the next round of acquisitions."
Nobel REIT is also pleased to announce today a cash distribution of $0.014165 per Trust Unit for the month of September 2016. The distribution will be payable on October 17, 2016 to unitholders of record as at September 30, 2016
About Nobel REIT
Nobel REIT is an unincorporated open-ended real estate investment trust governed by the laws of the Province of Québec. Nobel REIT has been created for the purpose of acquiring and owning income producing properties. The REIT focuses on acquiring commercial retail, mixed-used retail, industrial and office properties in the primary markets in the Province of Québec and Canada. Nobel REIT currently owns, in whole or in part, directly or indirectly, seventeen properties located in Québec, comprising more than 888,000 square feet of gross leasable area.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Nobel Real Estate Investment Trust
For further information: Additional information may be obtained by contacting: Louis Lemire, CPA, CA, Chief Financial Officer, Nobel Real Estate Investment Trust, 2045 rue Stanley, Suite 1200, Montreal, QC, H3A 2V4, Tel. : 514-840-9339