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InterRent paying $58.M for residential completes, adjacent land in Ottawa

"InterRent Real Estate Investment Trust (TSX:IIP.UN) is paying $58.5 million for a multi-united residential complex on Baseline Road between Woodroffe Avenue and Greenbank Road.

The acquisition, expected to be completed in early April, includes more than $56.2 million for 393 suites plus $2.25 million for the separate parcel of land, which was previously slated for a 140-unit condominium.

The property currently known as Forest Ridge totals almost 16 acres and consists of one high-rise with 169 suites, two low-rises with 94 suites and 130 townhomes, as well as three acres of vacant land that has already been severed.

InterRent CEO Mike McGahan said the large property in a strong rental area “fits perfectly within the REIT’s repositioning and value creation strategy.”

“We are flattered that the Andrews Family, who are the original property owners, have entrusted us to carry on with this great property that they developed. It is truly unique in Ottawa," Mr. McGahan said in a statement."

Source: Ottawa, Business Jounral, The Canadian Press. December 2, 2014.