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- Completion of previously announced acquisition of five
industrial assets comprising 430,000 square feet of GLA in major
cities in Atlantic Canada for
$42.5 million
- Completion of previously announced acquisition of eight
industrial properties comprising 250,000 square feet of GLA in
Winnipeg, Manitoba for
$32.3 million
MONTRÉAL, July 5, 2021 /CNW
Telbec/ - PRO Real Estate Investment Trust (TSX: PRV.UN) ("PROREIT"
or the "REIT") today announced the completion of its previously
announced acquisition of a 100% interest in light industrial
buildings in Atlantic Canada for
$42.5 million in addition to the
completion of its previously announced acquisition of a 100%
interest in eight light industrial buildings in Winnipeg, Manitoba for $32.3 million.
Atlantic Canada Properties
The five single-tenant light industrial properties are located
in four of Atlantic Canada's major
cities and represent 430,000 square feet of gross leasable area
("GLA"). The aggregate purchase price of $42.5 million before closing costs represents a
going in capitalization rate of approximately 6.3%. The purchase
price is substantially financed from the proceeds of a new
$29.0 million 5-year first mortgage
at a rate of 3.03%, with the balance satisfied with cash on hand
and operating facilities of $13.5
million available as a result of the recent $50.0 million private placement of equity.
Please refer to press release issued on June 3, 2021 for additional information on the
Atlantic Canada properties.
Winnipeg Properties
The eight light industrial buildings in Winnipeg comprise 250,000 square feet of GLA
and carry an aggregate purchase price of $32.3 million before closing costs,
representing a going in capitalization rate of approximately 6.1%.
The purchase price is substantially financed from the proceeds of a
new $20.7
million 5-year first mortgage at a rate of 2.95%, with
the balance satisfied with cash on hand and operating facilities of
$11.6 million available as a result
of the recent $50.0 million private
placement of equity.
Please refer to press release issued on June 15, 2021 for additional information on the
Winnipeg properties.
About PRO Real Estate Investment Trust
PROREIT is an unincorporated open-ended real estate investment
trust established pursuant to a declaration of trust under the laws
of the Province of Ontario.
PROREIT was established in March 2013
to own a portfolio of diversified commercial real estate properties
in Canada, with a focus on primary
and secondary markets in Québec, Atlantic
Canada and Ontario with
selective expansion into Western
Canada. PROREIT's portfolio is diversified by property type
and geography.
For more information on PROREIT, please visit the website
at: https://proreit.com.
Neither the TSX nor its Regulation Services Provider (as that
term is defined in the policies of the TSX) accepts responsibility
for the adequacy or accuracy of this release.
SOURCE PROREIT