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Pro Real Estate Investment Trust TSX: PRV-UN-T

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PROREIT Completes Acquisition of 13 Institutional-Quality Industrial Properties in Atlantic Canada and Winnipeg for $74.8 Million

CNW Group - Mon Jul 5, 6:00AM CDT

PROREIT Completes Acquisition of 13 Institutional-Quality Industrial Properties in Atlantic Canada and Winnipeg for $74.8 Million

Canada NewsWire

/NOT FOR DISSEMINATION IN THE UNITED STATES OR DISTRIBUTION THROUGH UNITED
STATES NEWS OR WIRE SERVICES./

  • 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.TO) ("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

Cision View original content: http://www.newswire.ca/en/releases/archive/July2021/05/c3974.html

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