Business
Nexus REIT closes the acquisition of a property in Beamsville, Ontario in an all unit deal
Nexus REIT closes the acquisition of a property in Beamsville, Ontario in an all unit deal...
About this update from Nexus Industrial Reit
[{"type":"text","content":"\n\n\n\nNexus REIT closes the acquisition of a property in Beamsville, Ontario in an all unit deal\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\n\n\n\n\n\n\nCanada NewsWire\nTORONTO and MONTREAL, Aug. 2, 2018\n\n\n\nTORONTO 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.\n\nOn 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. \n\nOn 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.\n\nThe 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 un...