OTTAWA, ONTARIO–(Marketwired – Aug. 18, 2017) –
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InterRent Real Estate Investment Trust (TSX:IIP.UN) (“InterRent“) is extremely pleased to announce a transformational development at the heart of the new mass transit “LRT” in the Nation’s Capital, Ottawa. InterRent purchased 1/3 of the approximately 3.6 acre site at 900 Albert Street for $14.2 million (including pre-development and closing costs) in a joint venture with Trinity Developments and PBC Real Estate Advisors Inc.
This new development will be one of the first true multi-use developments in the country on a mass transit line. The site is approved for up to three towers with the initial concept design to potentially include 1,000 Multi-Family Residential Suites, Retail and Office space. It shall sit proudly at the link between the Trillium Line (the North/South line) and the Confederation Line (the East/West line) of the LRT.
In addition to being easily accessible by the city’s new LRT system, the property will be within walking distance of many of the city’s core regions. Located at the intersection of the Hintonburg, Little Italy, and West Centretown neighbourhoods, the property is expected to bring even more energy into these already vibrant and highly-desirable communities. With the resurgence of High Tech in the Capital and the trend towards offices and people moving back into downtown cores, this new space will be very attractive for both corporate purposes and personal lifestyle.
Trinity Developments (“Trinity”), which has been a major developer across Canada for the last 25 years, was one of the key developers and owners of the new iconic Lansdowne Urban Development in downtown Ottawa, and, was part of the winning bid team RendezVous Lebreton for the redevelopment of the Lebreton Flats in Ottawa. Trinity brings a wealth of retail and recent mixed-use experience to the project, and also holds a 1/3 interest in the development.
PBC Real Estate Advisors Inc. (“PBC”), as Asset Manager for PBC 900 Albert Street Limited Partnership also holds a 1/3 interest in the Development. PBC brings more than 30 years of Development and Construction Management experience as a joint venture partner with developments underway such as the PARQ URBAN RESORT CASINO in Vancouver with a 515 Suite JW Marriott and Douglas Hotel. PBC, is engaged through limited partnerships to pursue, develop, acquire, fund and manage various real estate assets including land, real property and mortgages on behalf of its Institutional Limited Partners throughout Canada.
The owners have enlisted the services of Toronto-based B+H Architects (“B+H”) and GGLO Design (“GGLO”), a Seattle-based architect which has been at the forefront of tech-orientated markets, for their combined international design experience and proven track records of creating dynamic and immersive community focused spaces.
“We believe the combination of these entities and the premium location shall ensure long term success and more importantly a steady stream of cash flow for our valued shareholders,” stated Mike McGahan CEO of the REIT.
The 20 kilometer long Trillium Line will extend south past the Ottawa International Airport (with a connection at the airport) and the Confederation Line will extend almost 40 kilometers from the East side of Orleans to Moodie Drive in the West end of the city, near Crystal Beach and the new DND headquarters.
“Locations like this do not come around every day and we felt that we needed to participate and have a hand in shaping the new wave of multi Family development. We have learned a lot from LIV and are extremely pleased with its outcome and now it is time for us to keep pushing forward and develop another line of income growth to combine with our repositioning line of business. These are indeed exciting times,” said Mike McGahan.
About InterRent
InterRent REIT is a growth-oriented real estate investment trust engaged in increasing Unitholder value and creating a growing and sustainable distribution through the acquisition and ownership of multi- residential properties.
InterRent’s strategy is to expand its portfolio primarily within markets that have exhibited stable market vacancies, sufficient suites available to attain the critical mass necessary to implement an efficient portfolio management structure and, offer opportunities for accretive acquisitions.
The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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Chief Executive Officer
(613) 569-5699 Ext 244
(613) 569-5698 (FAX)
[email protected]
Brad Cutsey, CFA
President
(613) 569-5699 Ext 226
(613) 569-5698 (FAX)
[email protected]
Curt Millar, CPA, CA
Chief Financial Officer
(613) 569-5699 Ext 233
(613) 569-5698 (FAX)
[email protected]
