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True North Strong and Silent

True North Strong and Silent

Frederic Blondeau

True North Apartment REIT continues to buy properties andraise funds through equity markets, making three major acquisitions since June and in January acquiring 1,610 suites for $155.2M (about 39% of the units are in Ontario). With an implied return forecast of 15%, Dundee Capital senior analyst Frederic Blondeau has upgraded his rating to "buy." (Now can we get that jet ski everybody said was 'imprudent'?) Frederic says the transition should go smoothly because most units were acquired from Starlight Properties, which manages True North buildings. That relationship could lead to more acquisitions from Starlight's 18,000-unit portfolio.

Related Topics: True North, Dundee Capital