Press release from CNW Group
FAM Real Estate Investment Trust Completes $39 Million Acquisition of The Promontory
Wednesday, August 14, 2013
FAM Real Estate Investment Trust Completes $39 Million Acquisition of The Promontory16:30 EDT Wednesday, August 14, 2013
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TORONTO, Aug. 14, 2013 /CNW/ - FAM Real Estate Investment Trust (TSX: F.UN) (TSX: F.WT) (the "REIT") announced today that it completed its previously announced acquisition of a 159,752 square foot Class A Greater Toronto Area office complex municipally known as 2655 and 2695 North Sheridan Way in Mississauga, Ontario ("The Promontory"). The purchase price was $39 million, excluding closing costs.
Debt financing for the acquisition of The Promontory consisted of a new $23 million first mortgage from a Canadian Schedule I Chartered Bank, with a 10-year term, 4.6% fixed interest rate, and a 25 year loan amortization. The cash component was funded through the net cash proceeds from the recent $27 million equity issuance, which closed on August 2, 2013.
About FAM Real Estate Investment Trust
The REIT is a diversified commercial real estate investment trust focused on owning and acquiring strategically well-located office, industrial and retail real estate located primarily across Canada's large population centres.
This press release contains forward-looking information within the meaning of applicable securities legislation, which reflects the REIT's current expectations regarding future events. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the REIT's control, that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. These forward-looking statements are made as of the date of this press release and, except as expressly required by applicable law, the REIT assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
SOURCE: FAM Real Estate Investment Trust
For further information:
Shant Poladian, Chief Executive Officer
FAM Real Estate Investment Trust
Telephone: (647) 256-5002