True North REIT acquires Victoria office in $53.6M deal

June 12, 2017 2:43 pm

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A leading real estate investment trust has acquired 53.6 million worth of commercial property across Canada, including a prominent office building in downtown Victoria, B.C.

Toronto-based True North Commercial Real Estate Investment Trust has added 227,180 square feet of office space to its 1.94 million-square-foot portfolio. In addition to the 47,650-square-foot Victoria property at Fisgard Street, True North REIT acquired two office properties in Toronto and Ottawa.

“The properties represent a combined implied capitalization rate of approximately 7.9 per cent,” states the press release. “Upon completion of the acquisitions, occupancy is expected to be at 97.7 per cent.”

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