MONTREAL, June 9, 2015 /CNW Telbec/ - (TSXV: NEL.UN) Nobel Real Estate Investment Trust (the "REIT" or "Nobel REIT") is pleased to announce the continued execution of its growth plan by completing today the acquisition of 10330-10340 Côte-de-Liesse Road in the borough of Lachine in the city of Montreal (Quebec).
As previously announced in the May 25, 2015 press release, this is a two-storey office building with 26,216 square feet of leasable area strategically located on the service road of Highway 520, near the Pierre-Elliott-Trudeau international airport and Highways 20 and 40. The purchase price, excluding acquisition costs, is $3,400,000.
The payment of this acquisition is provided in part by proceeds from the REIT's recently completed equity private placement and also by a $2,040,000 mortgage financing consented by Desjardins, at a weighted average rate of 3.95%.
According to Jean Teasdale, President and Chief Executive of Nobel REIT, "This acquisition, combined with the momentum of recent weeks, clearly illustrates the will of the REIT's team to accomplish its growth plan while meeting with its investment strategies."
Agreement to acquire 905 Michèle-Bohec Boulevard in Blainville
The REIT also announces that it will acquire an investment property located at 905 Michèle-Bohec Boulevard in Blainville (Québec). This is a fully leased 34,640 square feet office building, strategically located on a 75,990 square feet land alongside Highway 15, in Blainville's business park. The purchase price, excluding acquisitions costs, is $7,250,000.
This transaction will also be financed in part by proceeds from the REIT's recently completed equity private placement and by a mortgage consented by Desjardins.
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 will focus on acquiring commercial retail, mixed-used retail, and industrial and suburban office properties in the primary and secondary markets in the Province of Québec. Nobel REIT currently owns eleven properties located in Québec, comprising 540,188 square feet of gross leasable area.
Disclaimer – Safe Harbour Forward–Looking Statements
Forward-looking statements contained in this press release involve known and unknown risks, uncertainties and other factors that may cause actual results, performance and achievements of Nobel REIT to be materially different from any future results, performance or achievements expressed or implied by the said forward-looking statements.
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, 1185, Chemin du Tremblay, Suite 230, Longueuil, QC, J4N 1R4, Tel: 450-655-4338; Renmark Financial Communications Inc., Barry Mire: [email protected]; Mariam Ghoneim : [email protected], Tel.: (416) 644-2020 or (514) 939-3989; www.renmarkfinancial.com