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IRET Takes Office Portfolio for $141M

MINOT, ND-Locally based Investors Real Estate Trust is putting forth $140.8 million for a nine-property office portfolio. The purchase will take 15 buildings totaling 936,320 from Omaha-based Magnum Resources Inc.

By Dana Dubriwny | Updated on May 18, 2006

MINOT, ND-Investors Real Estate Trust has signed a letter of intent to acquire a nine-property office portfolio from subsidiaries of Omaha-based Magnum Resources Inc. At a cost of $140.8 million, the purchase includes 15 buildings totaling 936,320 sf.

“These assets will be a great addition to IRET’s diversified portfolio of properties,” said Timothy Mihalick, IRET’s senior vice president and chief operating officer, in a statement. With this transaction, IRET will increase its office portfolio by 25%. The acquisition price will be funded with the issuance of up to approximately $60 million of limited partnership units in IRET’s operating partnership, IRET Properties.

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