Canadian real estate investment trust Firm Capital Property Trust has acquired 100 percent stake in a residential building consisting of 69 units located in Dartmouth, Nova Scotia.
Firm Capital Property Trust paid approximately $10.7 million, excluding transaction costs, for approximately $155,070 per unit.
Firm Capital funded the move through a combination of existing cash resources and the assumption of an existing $7 million first mortgage with a Canadian Chartered Bank.
Firm Capital Property Trust generates $22.5 million in revenue annually.