Melcor REIT sells office building in Kelowna, BC for $19.5 million
Office building with main floor retail with total gross leasable area of 71,600 sf on a 2.8 acre site.
Sold for $19.5 million ($272.24/sf), resulting in net cash proceeds of $9.0 million after mortgage repayment.
EDMONTON, Alberta, Feb. 02, 2023 (GLOBE NEWSWIRE) -- Melcor Real Estate Investment Trust (Melcor REIT - TSX: MR.UN) today announced that it has completed the sale of Kelowna Business Centre in Kelowna, BC for $19.5 million (excluding closing costs).
Andrew Melton, Chief Executive Officer of Melcor REIT commented: “This property sale enables the REIT to pay down our line of credit to free up capital for other opportunities while also achieving a good return on investment for unitholders. We bought Kelowna Business Centre in conjunction with the REIT’s initial public offering in May 2013 and sold it for a premium to our purchase price. The property was cash flow positive while held by the REIT.”
About Melcor REIT
Melcor REIT is an unincorporated, open-ended real estate investment trust. Melcor REIT owns, acquires, manages and leases quality retail, office and industrial income-generating properties in western Canada. Its portfolio is currently made up of interests in 38 properties representing approximately 3.1 million square feet of gross leasable area located across Alberta and in Regina, Saskatchewan and Kelowna, British Columbia. For more information, please visit www.melcorREIT.ca.
CONTACT: Contact Information: Investor Relations Nicole Forsythe Director, Corporate Communications Tel: 1.855.673.6931 x4707 ir@melcorREIT.ca