MONTREAL, Oct. 14, 2016 /CNW Telbec/ - (TSXV: NEL.UN)
Nobel Real Estate Investment Trust (the "REIT" or "Nobel
REIT") announces that it has completed today 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. The total sale price is
of $ 4.1 million in cash, plus the
usual adjustments; the effective date of the transaction as agreed
by the parties is October 1,
2016.
According to the President and Chief Executive of Nobel REIT,
Jean Teasdale, "The sale price
represents a gain of $ 550,000
compared to the purchase price paid by the Nobel REIT on
May 13, 2013, a yield of 15.5%, an
offer we could not refuse. As mentioned in our previous press
release, the REIT will use the proceeds from the sale to reduce its
debt, in preparation for the next round of acquisitions."
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, sixteen properties
located in Québec, comprising more than 869,000 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