Canada's True North to buy $190.5 mln office assets in Ontario & Calgary

Canadian real estate investment trust company True North Commercial REIT announced that it has agreed to buy two Class A office properties in Markham, Ontario and Calgary for $190.5 million.

The Ontario property is a 315,400-square-foot office building, located at 101 McNabb Street, while the Calgary property is a 209,400-square-foot building, located at 3699 63rd Avenue NE.

The Calgary asset, known as ATB Westwinds Campus, is a three-storey office building, whereas the Markham property, dubbed the GTA Campus, is comprised of two connected three-storey class-A office buildings.

True North Commercial expects to complete the Calgary acquisition by November 4, while the GTA property is anticipated to close by November 15. The firm noted that the properties are both 100 percent occupied.