InvestPlus Hits $100 Million of Assets Under Management, Pushing InvestPlus Commercial Portfolio to more than 500,000 SF Under Management!
InvestPlus REIT is excited to announce the addition of a 109,066 sq ft commercial building (Thatcher Ave) to its portfolio for $8,700,000 at an existing cap rate 8.78%. Thatcher Ave is located in a prominent industrial business park in Saskatoon. Conditions were removed in December of 2021 with a close date of June 20, 2022. The addition of Thatcher Ave will bring the overall commercial space under management to more than 500,000 sq ft and our Assets Under Management (AUM) to $100 Million. We continue to further our footprint in the Industrial Space and adding assets with strong tenant covenants. Thatcher Ave will be tenanted with a Fortune 500 company focussed on providing mechanical equipment to the agricultural and mining industries and has signed a long-term lease. This building will serve as their main distribution warehouse to supply 19 branches across BC, Alberta and parts of Saskatchewan. A great tenant with a strong covenant and business.
The Thatcher Ave building is in the heart of Saskatoon, Saskatchewan industrial park and is projected to be accretive by an average of more than $450,000/year after unit-holder distribution for the term of the lease. This accretiveness will help sustain our distributions and help push our unit value up. The acquisition of this building also pushes our overall assets under management to $100M bringing our growth for 2022 up by 12.8% since December 2021.
We will continue to target strong-tenanted buildings in Western Canada that will not only provide us the performance and returns we are looking to achieve for our unit-holders but also assets and tenants that can and are weathering the storm in these tumultuous times. Please look forward to our next acquisition announcement, coming to you soon.
InvestPlus Real Estate Investment Trust (IP REIT) is a private real estate investment fund, based in Calgary, Alberta. IP REIT is a growth-oriented real estate investment trust focused on increasing unitholder value through the acquisition, ownership and management of commercial and residential properties in primary and secondary markets in western Canada. Management currently manage 19 buildings located in the provinces of BC, Alberta and Saskatchewan. The current portfolio is appraised at more than $100,000,000 and comprised of 101 rental units and more than 500,000 square feet of rentable area.
Click HERE to find out more about InvestPlus REIT’s Current Offering Memorandum.