Thursday, July 24th12.7°C
22715
22412

True North to buy 29 apartment properties in $286-million deal with its chairman

TORONTO - True North Apartment REIT (TSX:TN) has agreed to nearly 3,000 apartment suites in a total of 29 properties in a $286-million deal with entities controlled by the chairman of its own board of trustees.

The portfolio includes a variety of high-rise, mid-rise and low-rise apartment buildings and town houses in a number of Alberta and Ontario communities including Calgary and Lethbridge, Alta., as well as Kitchener and Guelph, Ont.

The proposed deal requires prior appoval by a majority of the REIT's unitholders, excluding those controlled by True North chairman Daniel Drimmer, who is a major investor in the real estate investment trust.

True North says it will issue about $80 million worth of equity to the vendors as part of the deal.

The rest of the acquisition will be funded by a combination of $12.9 million in cash raised through a convertible debt offering, $65.6 million of assumed existing mortgage debt and $127.5 million of new mortgage debt.

A vote by True North's unitholders is scheduled for June 27 at its annual meeting.

The Canadian Press


Read more Business News




Recent Trending




Today's Market
S&P TSX15394.38+79.25
S&P CDNX1012.231.35
DJIA17086.63-26.91
Nasdaq4473.697+17.681
S&P 5001987.01+3.48
CDN Dollar0.9325+0.0001
Gold1313.40+4.2001
Oil104.30-0.29
Lumber332.40-0.90
Natural Gas3.767+0.005

 
Okanagan Companies
Pacific Safety0.200.00
Knighthawk0.01-0.005
QHR Technologies Inc1.15-0.04
Cantex0.08+0.02
Anavex Life Sciences0.325-0.005
Metalex Ventures0.07+0.005
Russel Metals35.65+0.05
Copper Mountain Mining2.76-0.07
Colorado Resources0.2150.00
ReliaBrand Inc0.10+0.019
Sunrise Resources Ltd0.025-0.005
Mission Ready Services0.19+0.01

 





FEATURED Property
199281310-185 Taylor road
3 bedrooms 2 baths
$199,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Labour shortage in BC

The mainstream media are finally waking up to something unusual in British Columbia – a labour shortage. If the experience of Alberta is a guide to our own future, the highly skilled labour will...


Learn to delegate effectively

Photo: ContributedI have the pleasure of witnessing people delegate tasks quite often. Sometimes with tremendous success and sometimes with disastrous consequences. I have chaired a lot of committees...


Euro debt woes re-emerge

Big Picture Euro debt woes re-emerge Europe’s debt woes jumped back into the headlines this week trumping other economic, geopolitical and corporate developments. Word that one of Portugal&rsquo...

_








Member of BC Press Council


22461