TORONTO - True North Apartment REIT (TSX:TN.UN) said Tuesday that it has acquired two properties in Montreal and Trenton, Ont., for a combined $23 million.
The real estate trust said the Montreal property was purchased for approximately $12.3 million, which will be financed with $3.4 million in cash and a new, $8.9-million mortgage. The property includes 148 units spread across 11 lowrise buildings.
Meanwhile, the Trenton property is a highrise building comprised of 119 units, which was purchased for $10.7 million. It's unclear how much of the cost was paid for in cash or with a new mortgage.
The REIT also announced that it's getting rid of two properties from its portfolio, including a 57-unit building in Hanover, Ont., and a 44-unit property in Saanich, B.C.
Truth North said disposing of these properties will return approximately $12.7 million, which will be used to help pay for the new acquisitions.
Shares in True North Apartment REIT were unchanged at $8.42 at mid-afternoon Tuesday on the Toronto Stock Exchange.
The Toronto-based REIT owns various multi-suite residential rental properties, mainly in Canada and the U.S.
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