NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
TORONTO, June 6, 2012 /CNW/ - True North Apartment Real Estate Investment Trust (the "REIT"), is pleased to announce that it has completed its second acquisition of a multi-residential rental property located at 457 & 499 Albert Street, Waterloo, Ontario (the "Second Property").
The purchase price of approximately $5.08 million for the Second Property represents a capitalization rate of approximately 5.7% and was satisfied by new mortgage financing of approximately $3.6 million, with the balance in cash. subject to customary adjustments.
The Second Property is comprised of two low-rise walk-up residential apartment buildings situated on the west side of Albert Street, north of Bearinger Road in the City of Waterloo. The buildings are located in close proximity to Highway 85, University Avenue and the University of Waterloo, Laurier University and the RIM head office. The three storey buildings are situated on approximately 2.02 acres of land and contain a total of 40,252 square feet of rentable area. The buildings are improved with 40 suites consisting of 38-two bedrooms and 2-three bedroom suites. The buildings include laundry facilities and provide 44 surface parking spaces.
Trading is currently halted pending approval of Wand Capital Corporation's qualifying transaction. It is expected that units of the REIT will trade under the ticker "TN.UN" when trading resumes.
About the REIT
The REIT is an unincorporated, open-ended real estate investment trust established under the laws of the Province of Ontario.
Certain statements contained in this press release constitute forward-looking information within the meaning of applicable securities laws. Forward-looking information may relate to the REIT's future outlook and anticipated events or results and may include statements regarding the financial position, business strategy, budgets, litigation, projected costs, capital expenditures, financial results, taxes, plans and objectives of or involving the REIT. Particularly, statements regarding future results, performance, achievements, prospects or opportunities for the REIT or the real estate industry are forward-looking statements. In some cases, forward-looking information can be identified by such terms such as "may", "might", "will", "could", "should", "would", "occur", "expect", "plan", "anticipate", "believe", "intend", "estimate", "predict", "potential", "continue", "likely", "schedule", or the negative thereof or other similar expressions concerning matters that are not historical facts. Some of the specific forward-looking statements in this press release include, but are not limited to, statements with respect to the following: the expected commencement of trading of Units of the REIT.
Although the forward-looking statements contained in this press release are based upon assumptions that management of the REIT believes are reasonable based on information currently available to management, there can be no assurance that actual results will be consistent with these forward-looking statements. Forward-looking statements necessarily involve known and unknown risks and uncertainties, many of which are beyond the REIT's control, which may cause actual results to differ materially from those expressed or implied by such forward-looking statements.
The forward-looking statements made in this press release relate only to events or information as of the date hereof. Except as required by applicable Canadian law, the REIT undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
The TSXV has in no way passed upon the merits of the qualifying transaction and has neither approved nor disapproved the contents of this press release.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
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