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Fronsac Announces Public Offering of Units, Private Placement of Convertible Debentures and Agreement to Acquire 5 Grocery Store Properties in Québec, Nova Scotia and Ontario
Fronsac Announces Public Offering of Units, Private Placement of Convertible Debentures a...
About this update from Canadian Net Real Estate Investment Trust
[{"type":"text","content":"\n \n \n \n Fronsac Announces Public Offering of Units, Private Placement of Convertible Debentures and Agreement to Acquire 5 Grocery Store Properties in Québec, Nova Scotia and Ontario\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prnml40{\nMARGIN-LEFT:3.33em\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n MONTREAL, Nov. 10, 2020\n \n \n \n \n \n /NOT FOR DISTRIBUTION TO\n \n UNITED STATES\n \n NEWSWIRE SERVICES OR FOR DISSEMINATION IN\n \n THE UNITED STATES\n \n /\n \n \n \n \n MONTREAL\n \n ,\n \n Nov. 10, 2020\n \n /CNW Telbec/ - (TSXV: FRO.UN) Fronsac Real Estate Investment Trust (the \"\n \n REIT\n \n \" or \"\n \n Fronsac\n \n \") is pleased to announce that it has agreed to acquire five grocery store properties leased to affiliated brands of Loblaws™ located in\n \n Beauport, QC\n \n ,\n \n Roberval, QC\n \n ,\n \n Sydney, NS\n \n ,\n \n New Glasgow, NS\n \n , and\n \n Kirkland Lake, ON\n \n (collectively, the \"\n \n Acquisition Properties\n \n \"), its intention to undertake a public offering (the \"\n \n Public Offering\n \n \") of units of Fronsac (the \"\n \n Units\n \n \") and its intention to undertake a non-brokered private placement (the \"\n \n Private Placement\n \n \") of convertible debentures of Fronsac (the \"\n \n Convertible Debentures\n \n \").\n \n \n The REIT also announces that it has completed today the previously-announced consolidation of the issued and outstanding Units on a basis of one (1) post-consolidation Unit for every ten (10) pre-consolidation Units.\n \n \n \n Acquisition Properties\n \n \n The Acquisition Properties are comprised of five grocery stores located in Québec,\n \n Nova Scotia\n \n and\n \n Ontario\n \n , aggregating approximately 246,000 square feet of gross leasable area. The Acquisition Properties are 100% occupied, with a weighted average remaining lease term of approximately 6.1 years, and are all single-tenant properties leased on a triple net basis.\n \n \n The combined net operating income in respect of the Acquisition Properties is approximately\n \...