by creitadmin on September 23, 2008
Leben REIT’s sale of eight Alberta properties to Whiterock REIT for $80 million has been completed. With the closing of this acquisition, Whiterock’s portfolio consists of 41 properties totalling 3.1 million square feet, located in 13 primary and secondary markets across Canada, including Calgary, Edmonton, Regina, Saskatoon, Toronto, Ottawa, Montreal and Quebec City. The average lease term is approximately 7.9 years, with approximately 61% leased to government or investment grade firms. At the close of market on July 16th, 2008, Whiterock’s units provided a yield of 11.3%.
Stories on this sale can be found at the following sites:
http://www.foxbusiness.com/story/markets/industries/finance/leben-reit-completes-sale-alberta-properties-whiterock-reit–million/
http://www.istockanalyst.com/article/viewiStockNews+articleid_2406658&title=Whiterock_REIT_Closes.html
http://www.cnw.ca/fr/releases/archive/July2008/17/c5362.html
by creitadmin on August 21, 2008
July 7, 2008
Leben REIT of Calgary agreed to sell eight of their nine properties to Toronto based Whiterock REIT for approximately $80 million. The portfolio is made up of properties in Calgary and Edmonton and totals about 341,000 square feet. These assets are currently 99% leased with an an average of 5.7 years remaining in the lease terms. These existing leases are, on average, 20% below market rates. The purchase price, excluding closing and transactions costs, represents a going-in cap rate of about 7.0 %.
This purchase, expected to close at the end of July, will result in about 1/3 of Whiterock’s portfolio represented in the Alberta and Saskatchewan markets. Leben will continue its relationship with Whiterock by facilitating deal flow for them, specifically in Alberta. The sale also allows Leben to rebuild its own portfolio, now in the public market.
