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True North REIT has deal to buy Edmonton office building for $24.5 million

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TORONTO - True North Commercial Real Estate Investment Trust (TSX:TNT.UN) has announced a dealt to buy an Edmonton office building for $24.5 million.

Toronto-based True North says the single-storey, 96,804-square-foot building at 13140 St. Albert Trail is fully occupied.

The purchase price for the deal, expected to close about mid-September, will be satisfied by a combination of about $6.1 million in cash and $18.4 million aggregate principal amount of new mortgage financing.

In order to finance the purchase, True North has agreed to a bought deal financing involving the sale of 1.6 million units at a price of $6.55 per unit for aggregate gross proceeds of some $10.6 million to a syndicate of underwriters led by Raymond James Ltd.

Proceeds not allocated to the acquisition will be used to repay a portion of the REIT's credit facilities.

"We are very pleased to broaden our footprint in the economically robust province of Alberta via our entrance into the Edmonton market, CEO Daniel Drimmer said in a release Monday.

"The acquisition of the Edmonton property is consistent with our core strategy of acquiring high-quality buildings in strong secondary markets, tenanted with either government or credit rated organizations."

On the Toronto Stock Exchange, True North units closed up five cents at $6.90 on Monday.

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