TORONTO and MONTREAL, Aug. 2,
2018 /CNW/ - Nexus Real Estate Investment Trust (the "REIT")
(TSXV: NXR.UN) is pleased to announce that it has closed on an
acquisition in Beamsville,
Ontario. The REIT also recently closed on the acquisitions
of industrial assets in Nisku,
Alberta and Regina,
Saskatchewan.
On August 1, 2018, the REIT
completed the purchase of a property in Beamsville, Ontario comprised of a food court
and a gas station. Tenants at the property include Tim Hortons, A&W, KFC, Dairy Queen, Subway
and Pioneer. The purchase price of approximately $6.6 million was satisfied through the issuance
of class B LP units of a subsidiary limited partnership of the REIT
at the equivalent of $2.10 per REIT
unit, a premium to the current market price of the REIT's units.
The purchase was completed at a going in capitalization rate of
approximately 7.2%, and the purchase price was significantly less
than the recent appraised value of the property of $8.25 million. This off-market acquisition was
sourced through the REIT's strategic relationship with RFA Capital
Partners.
On June 27, 2018, the REIT
completed the previously announced purchase of a multi-tenant
industrial property in Regina,
Saskatchewan for a purchase price of $6.3 million and a going in capitalization rate
of approximately 7.9%. The property consists of two buildings.
$2.2 million in units at $2.10 per unit were issued to the vendor as
partial purchase price consideration.
The REIT also completed the previously announced acquisition of
properties in Nisku, Alberta on
June 7, 2018. The assets consist of
two single-tenant industrial properties acquired for a purchase
price of approximately $12.3 million
and a going in capitalization rate of approximately 7.0%.
Approximately $5.4 million in class B
LP units of a subsidiary limited partnership of the REIT at the
equivalent of $2.10 per REIT unit was
issued to the vendor as partial purchase price consideration.
About Nexus REIT
Nexus is a growth oriented real estate investment trust focused
on increasing unitholder value through the acquisition, ownership
and management of industrial, office and retail properties located
in primary and secondary markets in North
America. The REIT currently owns a portfolio of 65
properties comprising approximately 3.7 million square feet of
rentable area. The REIT has approximately 90,170,000 units issued
and outstanding. Additionally, there are Class B LP units of
subsidiary limited partnerships of Nexus REIT issued and
outstanding, which are convertible into approximately 20,827,000
REIT units
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
SOURCE Nexus Real Estate Investment Trust