A shopping centre in Red Deer, Alberta, is the latest property sale by Richmond’s Huntingdon Real Estate Investment Trust (TSX:HNT.UN).
The income trust sold the 56,347-square-foot Deer Park Shopping Centre for $16.1 million. The sale produced net cash of $9 million after closing expenses, adjustments and repayment of a $6.7 million mortgage. The sale price reflected a 7% cap rate and a net gain of $4.5 million from its purchase price.
Huntingdon’s last property sale was in November when it sold a Winnipeg parking lot for $455,000.
For the nine-month period ending September 30, 2010, HREIT reported revenue of $50.1 million, up from $38.1 million during the same period a year prior. It reported a net income of $9.1 million compared with a net loss of $3.5 million.
The income trust’s unit price range during the past week: between $6.70 and $6.75; 52-week high: $7.22; 52-week low: $4.95.