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Nexus REIT completes $147 million acquisition of interests in 26 properties comprising 1,531,574 square feet of gross leasable area
Nexus REIT completes $147 million acquisition of interests in 26 properties comprising 1,5...
About this update from Nexus Industrial Reit
[{"type":"text","content":"\n\n\n\nNexus REIT completes $147 million acquisition of interests in 26 properties comprising 1,531,574 square feet of gross leasable area\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.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO and MONTREAL, July 7, 2017\n\n\n\nNOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES\n\n\n\nTORONTO and MONTREAL, July 7, 2017 /CNW Telbec/ - Nexus Real Estate Investment Trust (TSXV: NXR.UN) (\"Nexus\" or the \"REIT\") announced today that it has completed the previously announced acquisition of a 100% interest in two properties and a 50% interest in 24 properties located throughout the Greater Montreal Area, the Greater Quebec City Area, and New Brunswick, comprising a total of 1,531,574 sq. ft. of gross leasable area (at Nexus' ownership interests) for a purchase price of approximately $147 million.\n\nThe purchase price of approximately $147.0 million was satisfied through the assumption of approximately $75.7 million of mortgage debt (at the REIT's proportionate interest) and the issuance of 952,381 Units to certain of the vendors at $2.10 per unit, representing an aggregate of approximately $2.0 million worth of units, with the remainder, net of closing adjustments, settled in cash from the $55 million bought deal equity financing and $15 million private placement which closed on June 30, 2017 and from a new first mortgage secured against the acquisition property located in New Brunswick with a principal amount of $8.5 million. \n\nAbout Nexus Real Estate Investment Trust\n\nNexus 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 62 properties comprising approximately 3.5 million square feet of rentable area. Nexus REIT has approximately 87,059,087 units issued and outstanding. Additionally, there are approximately 6,018,065 Class B LP units of subsidiary lim...