Virtus Diversified REIT Announces Lease Renewal with Crown Corporation at Timmins, Ontario Property

TORONTO, Feb. 29, 2024 (GLOBE NEWSWIRE) -- Virtus Capital Corporation, the asset manager of Virtus Diversified REIT is pleased to announce a lease renewal from the sole tenant, a federal government owned Crown Corporation, at the commercial property located in Timmins, Ontario. The renewed lease extends the tenancy agreement through January 31, 2030, ensuring continued occupancy and revenue stability for this key asset in our portfolio.

"We are thrilled to retain the federal government as a major tenant in the REIT and they are an invaluable asset for portfolio stability," said Josh Will, Virtus EVP. "Their reliable revenue serves as a cornerstone, fortifying our investments against market volatility. Their presence and long-term commitment instill confidence and ensure sustained growth for our stakeholders."

The Timmins, Ontario property is strategically located in a prime commercial area, offering excellent access to amenities and public transportation. "We are committed to providing high-quality spaces for our tenants and fostering long-term partnerships," added Aurelio Baglione, Virtus CEO. "We are proud of our relationship with this tenant and are happy to say that they have spent over $1 million in renovations since their lease term began."

Virtus Diversified REIT looks forward to continuing its successful relationship with the federal government and remains focused on enhancing the value of its portfolio through strategic leasing initiatives and proactive asset management.

For more information about Virtus Diversified REIT and its investment opportunities, please visit www.vreit.ca.

About Virtus Diversified REIT

Virtus Diversified REIT is focused on acquiring quality properties in strong secondary and tertiary markets across Canada and the United States. The company's goal is to build a strong and stable commercial, industrial, retail, and multi-unit residential portfolio, enhancing overall portfolio incomes by diversifying the tenant base and geographic diversity. The long-term goal is to maximize the unit value with ongoing management through future acquisitions, repositioning, and competitive financing.

Some of Virtus Diversified REIT's anchor tenants include companies such as Crown Corporation, BJ's Wholesale Club, The Brick, No Frills, and Dollarama.

Contact Information

Josh Will
[email protected]
www.vreit.ca