PROREIT COMPLETES ACQUISITION OF ONE INDUSTRIAL BUILDING FOR $32.6 MILLION AND SALE OF TWO NON-CORE OFFICE PROPERTIES FOR $26.6 MILLION
Following these three completed transactions, PROREIT's portfolio now consists of 116 income-producing commercial properties, including a 50% ownership interest in 42 investment properties, totaling approximately 6.1 million square feet of gross leasable area ("GLA"), with the industrial sector accounting for approximately 86% of GLA and 80% of base rent.
Acquisition details
On
The single-tenant industrial building comprises 134,340 square feet of GLA and is fully occupied by a national logistics company under a long-term lease that includes annual rent escalations and a renewal option.
The purchase price was financed through a new $21.2 million five-year first mortgage at a rate of 5.10%, with the balance funded by proceeds from previously announced non-core property sales and a draw on available operating facilities.
Dispositions details
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On
As previously announced, PROREIT entered into a binding agreement with a third-party purchaser on
About PROREIT
PROREIT (TSX:PRV.UN) is an unincorporated open-ended real estate investment trust established pursuant to a declaration of trust under the laws of the Province of Ontario. Founded in 2013, PROREIT owns a portfolio of high-quality commercial real estate properties in Canada, with a strong industrial focus in robust secondary markets.
For more information on PROREIT, please visit the website at: https://proreit.com.
Forward-Looking Statements
This press release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable securities legislation, including statements relating to certain expectations, projections, growth plans and other information related to PROREIT's business strategy and future plans. Forward-looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond PROREIT's control, that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking statements.
Forward-looking statements generally can be identified by the use of forward-looking terminology such as "outlook", "objective", "may", "will", "expect", "intent", "estimate", "anticipate", "believe", "should", "plans", or "continue", or similar expressions suggesting future outcomes or events. Forward-looking statements contained in this press release include, without limitation, statements pertaining to the allocation of proceeds received under recent dispositions and the expected sale of a property in
Although PROREIT believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct, and since forward-looking statements inherently involve risks and uncertainties, undue reliance should not be placed on such statements. Certain material factors or assumptions are applied in making forward-looking statements, and actual results may differ materially from those expressed or implied in such forward-looking statements. The forward-looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement. All forward-looking statements in this press release are made as of the date of this press release. PROREIT does not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise, except as required by law.
Additional information about these assumptions and risks and uncertainties is contained under "Risk Factors" in PROREIT's latest annual information form and "Risk and Uncertainties" in PROREIT's management's discussion and analysis for the three and six months ended
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