Topic: How To Invest

Pat: True North Apartment REIT is a new REIT in what looks like a stable area. How do you feel about it?

Article Excerpt

True North Apartment REIT, $4.60, symbol TN.UN on Toronto (Units outstanding: 6.9 million; Market cap: $31.7 million; no website) was formerly Wand Capital, a company with no operating businesses. In early June, Wand reorganized into a real estate investment trust, and changed its name to True North Apartment REIT. On June 5, 2012, True North bought its first property, a 72-unit apartment building in Guelph, Ontario, for $7.6 million. The following day, June 6, 2012, the REIT bought 457 & 499 Albert Street in Waterloo, Ontario, for $5.1 million. On June 7, 2012, True North paid $1.3 million for 35 Mowat Boulevard in Kitchener, Ontario. On June 7, 2012, True North began trading on the Toronto exchange at $4 per unit. True North has just completed a $121-million purchase of 127 apartment buildings in Montreal that contain 1,528 residential suites. All the buildings are located in the borough of Saint-Laurent. True North raised $48.3 million of the purchase price by selling 12.3 million…