InterRent buying properties in Ottawa, St. Catharines, for combined $22M

OTTAWA – InterRent Real Estate Investment Trust (TSX:IIP.UN) is buying a townhome complex in Ottawa and an apartment building in St. Catharines, Ont., for a combined price of almost $22 million.

InterRent said Friday it will pay about $15.6 million for the Ottawa property, which consists of 118 townhomes at 1901-1917 Ogilvie Road and 1910-1922 Elmridge Drive .

Meanwhile, it will pay just under $6 million for the 64-suite building at 70 Roehampton St. in St. Catharines, which its says has condominium status.

Both deals are expected to be completed by the end of March, InterRent said. The vendors were not identified.

Short-term financing will be put in place on both properties while they undergo a repositioning program. Upon completion, the properties will be financed through long-term CMHC insured mortgages, the company said.

“The acquisitions will add more scale and drive further efficiencies in their respective areas,” CEO Mike McGahan said, adding that “we believe that the properties will benefit from our knowledge of the local markets, existing resources and our repositioning expertise.”