MONTREAL, Sept. 10, 2013 /CNW/ - (TSXV: NEL.UN) Nobel Real Estate Investment Trust ("Nobel REIT") announces the completion of a term loan (the "Loan") in the principal amount of $700,000 provided by a third party lender. The Loan is secured by a second ranking charge on the universality of the REIT's assets and bears a floating interest rate at the greater of 9% per annum or the TD Canada Trust Posted Bank Prime Rate of Interest from time to time plus 6% per annum. The proceeds of the Loan are intended to be used to pay expenses and other cash disbursements related to the potential acquisition of new investment properties. The disbursement, net of financing fees, was made earlier today by the lender.
About Nobel Real Estate Investment Trust
The REIT is a recently created unincorporated open-ended real estate investment trust governed by the laws of the Province of Québec. The 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, industrial and suburban office properties in the primary and secondary markets in the Province of Québec. The REIT currently owns two commercial properties located in Québec, comprising 71,747 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, at (450) 655-4338