MONTREAL, Oct. 14, 2016 /CNW Telbec/ - (TSXV: NEL.UN) Nobel Real Estate Investment Trust (the "REIT" or "Nobel REIT") announces that it has completed today 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. The total sale price is of $ 4.1 million in cash, plus the usual adjustments; the effective date of the transaction as agreed by the parties is October 1, 2016.
According to the President and Chief Executive of Nobel REIT, Jean Teasdale, "The sale price represents a gain of $ 550,000 compared to the purchase price paid by the Nobel REIT on May 13, 2013, a yield of 15.5%, an offer we could not refuse. As mentioned in our previous press release, the REIT will use the proceeds from the sale to reduce its debt, in preparation for the next round of acquisitions."
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, sixteen properties located in Québec, comprising more than 869,000 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: 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