MONTREAL, Sept. 19, 2016 /CNW Telbec/ - (TSXV: NEL.UN)
Nobel Real Estate Investment Trust (the "REIT" or "Nobel
REIT") announces that it has reached a definitive agreement for
the sale of the property located at 1190 Place Nobel in
Boucherville, which has a gross
leasable area of approximately 19,000 square feet, to the
accounting firm Labranche Therrien Daoust Lefrançois for a total
purchase price of $ 4.05 million in
cash, subject to certain customary adjustments. The closing of the
transaction will take place on or about September 30, 2016.
According to the President and Chief Executive of Nobel REIT,
Jean Teasdale, "Although we are in a
growth phase and that the sale of asset is not our goal, we will
dispose of this investment property for strategic reasons. The REIT
will use the proceeds from the sale to reduce its debt, in
preparation for the next round of acquisitions."
September Distribution
Nobel REIT is also pleased to announce today a cash distribution
of $0.014165 per Trust Unit for the
month of September 2016. The
distribution will be payable on October 17,
2016 to unitholders of record as at September 30, 2016
About Nobel REIT
Nobel REIT is an unincorporated open-ended real estate
investment trust governed by the laws of the Province of Québec.
Nobel REIT has been created for the purpose of acquiring and owning
income producing properties. The REIT focuses on acquiring
commercial retail, mixed-used retail, industrial and office
properties in the primary markets in the Province of Québec and
Canada. Nobel REIT currently owns,
in whole or in part, directly or indirectly, seventeen properties
located in Québec, comprising more than 888,000 square feet of
gross leasable area.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
SOURCE Nobel Real Estate Investment Trust