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GO Residential REIT Closes an Indirect Majority Stake in a Brooklyn Luxury Property

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GO Residential REIT (GO-U.TO) on Wednesday closed its indirect acquisition of an 81% managing interest in 409 Eastern Parkway, a luxury high-rise in Brooklyn, New York.

The REIT's portfolio now comprises 2,731 residential suites, which is a 7% increase from its reported suite count of 2,545 as of June 30, the REIT said.

"We expect 409 Eastern Parkway in Brooklyn to provide immediate mid-single digit AFFO per unit accretion and a corresponding increase in NAV per unit," said chief executive Joshua Gotlib. "Brooklyn is New York City's most populous borough with over 2.7 million residents, and as the borough continues to expand its commercial and residential presence, we expect it to provide us with additional opportunities for growth."

The REIT approved a cash distribution of $0.05325 per unit for July. Payment will be made on Aug. 17 to unit holders of record on July 31.

GO Residential units were last seen unchanged at C$9.26, on the Toronto Stock Exchange.

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