OTTAWA, ON / ACCESSWIRE / August 25, 2020 / InterRent Real Estate Investment Trust (TSX:IIP) ("InterRent") announced today that it has entered into an unconditional agreement to acquire a portfolio of five concrete mid- and high-rise apartments located in Southwestern Ontario. Three of the five properties are located in Hamilton and the remaining two are in London. The portfolio was purchased for $170.7 million and is expected to close in mid-September of 2020. The acquisition will be financed with a combination of cash and new mortgage debt.
100 Main Street East in Hamilton, also known as Landmark Place, features 295 residential units and approximately 62,000 square feet of commercial space in the tower's podium. This 42-storey downtown asset features excellent neighborhood amenities as well as potential to improve and expand upon the existing amenity space. The property is located 450 metres away from Hamilton Centre Go station and 850 metres away from FirstOntario Centre.
35 Brock Street and 600 John Street North are sister towers located on the shores of Lake Ontario in Hamilton. The properties are connected via a parking garage and combine for a total of 223 residential suites. The towers offer rooftop terraces, supplemental amenity space, and will benefit from the future Pier 8 development. They are also located approximately one kilometre from the West Harbour GO Station.
500-522 and 527-531 Gordon Avenue are adjacent properties located in a residential neighbourhood of London, Ontario. These properties feature two towers totalling 180 suites, as well as 15 townhomes. These sites are well situated, directly beside Basil Grover park, and near the Victoria Hospital.
With the addition of these properties, InterRent will increase its Hamilton and London portfolios, allowing the REIT to benefit from enhanced scale in both markets.
"We are extremely pleased to announce the acquisition of this well-maintained portfolio, expanding our footprint and operational synergies in two strong markets," said Mike McGahan, CEO. "We look forward to providing hundreds of residents with great homes in our welcoming communities."