Wand Capital Corporation Completes REIT Conversion with True North Apartment REIT

Wand Capital Corporation Completes REIT Conversion with True North Apartment REIT

Wand Capital Corporation , a capital pool company  of the TSX Venture Exchange Inc.'s (the "TSXV") , announced that it completed its previously announced reorganization under a plan of arrangement under the Business Corporations Act (Ontario) (the "Arrangement") into a real estate investment trust named "True North Apartment Real Estate Investment Trust" (the "REIT"), subject to receipt of final approval of the TSXV. Shareholders of the Corporation approved the Arrangement at a meeting held on June 4, 2012.

True North Apartment Real Estate Investment Trust Completes Initial Acquisition
True North Apartment Real Estate Investment Trust  (TSXV: TN.UN) announced  that it completed the acquisition of a 72-suite multi-residential rental property in Guelph, Ontario.  The purchase price of $7.55 million for the Initial Acquisition, representing a capitalization rate of approximately 6.1%, was satisfied by the payment by the REIT of approximately $2.2 million in cash and as to the balance by mortgage financing of approximately $5.3 million.

The Initial Property is located at 444 Victoria Road North, Guelph, Ontario, and is a high-rise residential apartment building situated on the southwest corner of the intersection of Victoria Road North and Woodlawn Road East in the City of Guelph. The building is located in close proximity to Highways 6 and 7.  The seven storey building is situated on approximately 1.82 acres of land and contains a total of 51,375 square feet of rentable area. The building is improved with 72 suites consisting of 1-bachelor, 46-one bedroom, 21-two bedroom and 4-three bedroom suites. Building amenities incl


 

on June 8, 2012