July 4, 2011 / 11:47 AM / 7 years ago

UPDATE 1-Whiterock to buy 2 Ontario office properties for $218 mln

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July 4 (Reuters) - Whiterock Real Estate Investment Trust WRK_u.TO said it will buy two office properties in Ontario worth $218 million as it positions itself as an owner and manager of high-quality office buildings in major Canadian markets.

The REIT said it has signed binding agreements to buy Sussex Centre, a Class A two-tower office complex in Mississauga, Ontario, for about $157 million and London City Centre, a Class A two-tower office complex in London, Ontario, for about $61 million.

Whiterock expects the acquisitions to add about 4 cents per unit to annualized on-going adjusted funds from operations (AFFO), while the full impact of the increase to AFFO per unit is expected to be realized starting in the fourth quarter.

The deal is expected to close in the third quarter.

These properties consist of a total rentable area of about 1.2 million square feet, Whiterock said. The assets will be bought in co-ownership with Ontario-based investment firm Return on Innovation Capital Ltd, which has over $1 billion in assets under management.

Following the acquisitions, Whiterock’s wholly owned, co-owned and managed aggregate real estate portfolio will total about 9.3 million square feet. (Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Gopakumar Warrier)

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