REIT Watch: Artis REIT Acquires $71 Million Denver Property

on Aug 20, 2013


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**Artis REIT Acquires $71 Million Denver Property** Tuesday August 20th: Artis REIT, a real estate investment trust with a portfolio of commercial properties in Canada and the U.S., has acquired 161 Inverness, an office building in Denver, Colorado for about $71 million (₤45 million). The property has a gross leasable area of 256,767 sq. ft. and is fully let to digital TV provider DirectTV until 2025.

The deal was financed from cash on hand and the proceeds of a new seven-year mortgage in the amount of $39.1 million (₤25 million), with an annual interest rate of 3.96 percent.
“We do like the Denver market, and we would consider other opportunities in that market if they fit our investment criteria,” said Kirsty Stevens, Artis’ chief administrative officer.

**InnVest REIT to Pay $0.0333 August Dividend**
InnVest REIT, a real estate investment trust with a portfolio of 134 hotels across Canada, yesterday said it would distribute a dividend of $0.0333 per share for the month of August. The payment will be made on September 16 to shareholders of record as at August 30.
**Dundee Industrial REIT to Distribute C$0.05833 August Dividend**

Dundee Industrial REIT, a real estate investment trust investing primarily in light industrial properties, yesterday announced it would pay a dividend of $0.05833 for August. The payment will be made on September 15 to shareholders of record as at August 30.
**United States**
**Cole Corporate Income Trust Buys Amazon-Occupied Distribution Centre**
Cole Corporate Income Trust, a subsidiary of Cole Real Estate Investments, has acquired a distribution centre in Chesterfield County, Virginia, currently in use by Amazon.

The property has a gross leasable area of 1.016 million sq. ft. and was bought by the REIT on July 31 for $81.25 million (₤51.88 million). Earlier this year, Cole Corporate acquired another Amazon warehouse in Murfreesboro, Tennessee – the same size as the one in Chesterfield – for $69.05 million (₤44 million). Both centres are leased with the online retail company through 2027.
**Steadfast Income REIT May Invest in More Alabama Properties**
Steadfast Income REIT, a real estate investment trust investing in multifamily residential real estate, may acquire more properties in Birmingham, Alabama after it bought earlier this year the Tapestry Park apartments complex for $32.5 million (₤20.75 million). The apartment community is 94 percent let with leases averaging $1,200 per month.
!m[Unit of Cole Real Estate Buys Distribution Centre in Use by Amazon](/uploads/story/4960/thumbs/pic1_inline.jpg)
Steadfast Income, which has invested $966 million (₤617 million) in U.S. properties over the last three years, this week said its shopping around Birmingham may not be over yet. “We aren’t able to provide any specifics about future acquisitions, but if you look at our current portfolio you will see that we have been consistent in executing a ‘clustered diversification’ approach where we seek to achieve diversification while also benefiting from economies of scale, and the formation of local portfolios that may improve marketability to prospective buyers in the future,” said Kyle Winning, chief investment officer of the REIT, as quoted by All Alabama.
**Artis REIT’s share price was C$13.74 as of 20.08.2013, 14.25 BST.**
**Dundee Industrial REIT’s share price was C$8.77 as of 20.08.2013, 14.43 BST.**
**Cole Real Estate Investments’ share price was $11.30 as of 20.08.2013, 14.26 BST.**


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