05:33 PM EDT, 06/27/2024 (MT Newswires) -- True North Commercial Real Estate Investment Trust (TNT-UN.TO) after trade Thursday said it completed the previously announced sale of a 90,550 square foot office property in Burnaby, British Columbia for $37.0 million.

The REIT said it intends to use the net proceeds, after repayment of the existing first mortgage related to the property, to repay existing indebtedness on its credit facility.

"With available liquidity in the market for smaller commercial properties, the REIT capitalized by strategically disposing select smaller non-core assets under favourable terms", said Daniel Drimmer, the REIT's Chief Executive Officer in a statement. "All four properties were sold for more than their initial purchase value. These dispositions underscore the strength of the REIT's portfolio and its ability to access liquidity and attract buyers for its assets despite challenging market conditions."

In an update on its normal-course issuer bid, True North said it repurchased 348,926 units for near $3.2 million at a weighted average price of $9.14 from April 18 to June 26. The REIT intends to continue to purchase units under the NCIB until the release of the Q2-2024 results in August, at which point the REIT will re-evaluate the continuation of the NCIB program or the reinstatement of a distribution as operating and capital market conditions improve.

True North units closed down $0.08 to $8.39 on the Toronto Stock Exchange.