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TORONTO-IPC US REIT has added 288,000 sf to its nearly eight-million-sf portfolio with the purchase of office buildings in Florida and Maryland. The combined purchase price was about $38.2 million, according to parties involved in the transaction. In St. Petersburg, FL, the locally based REIT’s subsidiary IPC (US) Inc. acquired City Center, a 12-story, class A office property containing about 238,000 sf of rentable area. The three largest tenants–Progress Telecom, RBC Dain Rauscher and Certegy–occupy a combined 32% of the building under long-term leases with staggered expirations. In Rockville, MD, IPC (US) II Inc. purchased a 50,000-sf building that is 100% leased to the US General Services Administration for use by the Department of Indian Health Services. “The St. Petersburg acquisition will be the REIT’s fourth property in the Florida market,” says IPC chief executive Vinay Kapoor. “The Rockville purchase allows the REIT to enter one of the strongest markets in the US … with the stability of US government tenancy.”IPC is the only Canada-based REIT focused exclusively on US commercial real estate. The REIT beneficially owns an 89.4% economic interest in IPC US and its affiliates. With these purchases, IPC US now has ownership interests in and manages 34 buildings in the US (28 office properties and six retail properties) containing 7.9 million sf of rentable space. The acquisitions were financed with approximately $30 million of long-term, fixed-rate debt with the balance funded through the REIT’s acquisition line of credit. IPC estimates that these acquisitions will add $1.5 million to its distributable income (before interest on the acquisition line and non-controlling interest).

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