- What True North has sold an office property in Burnaby, B.C.
- Why The REIT is looking to dispose of noncore assets
- What next Proceeds will be used to pay down debt and repurchase shares
True North Commercial Real Estate Investment Trust closed the sale of a 91,000 sq ft office property in Burnaby, B.C., for $37m, part of its strategy to dispose of noncore assets.
The sale price works out to about $407/sq ft. The REIT bought the three-storey property at 9200 Glenlyon Parkway in 2018 for $35.25m.
True North will use the net proceeds to pay down debt and repurchase shares under its normal course issuer bid program. The sale was announced in April.
