Lanesborough REIT Acquires Office, M-F Complex in Canada for $38M
- Oct 03, 2008
Lanesborough Real Estate Investment Trust has completed the previously announced $38 million acquisition of an apartment/office complex in Winnipeg, Manitoba, known as Colony Square. Lanesborough REIT had previously owned a 1.5 percent beneficial interest and with the acquisition now owns 100 percent of Colony Square. Colony Square is fully occupied, sits on 1.89 acres and is located on the south side of Portage Avenue in Downtown Winnipeg across from the University of Winnipeg. The complex includes two apartment towers of 16 and 17 stories, a seven-story office building and an underground parking garage. The two apartment towers contain a total of 428 suites. The office building contains 80,900 square feet of leasable space, with an additional 2,255 square feet of leasable commercial space on the main floors of the apartment towers.Lanesborough REIT is a publicly traded investment trust with a primary focus of creating portfolio of real estate investments in Canada. The REIT provides Unitholders with stable cash distributions from investment in a geographically diversified Canadian portfolio of quality real estate properties.