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PROREIT COMPLETES ACQUISITION OF SIX INDUSTRIAL PROPERTIES IN WINNIPEG FOR $96.5 MILLION
PROREIT COMPLETES ACQUISITION OF SIX INDUSTRIAL PROPERTIES IN WINNIPEG FOR $96.5 MILLION ...
About this update from Parkit Enterprise Inc.
[{"type":"text","content":"\n\n\n\n PROREIT COMPLETES ACQUISITION OF SIX INDUSTRIAL PROPERTIES IN WINNIPEG FOR $96.5 MILLION\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 \n\n\n\n\n\n Canada NewsWire\n \n\n\n\n\n MONTRÉAL\n \n ,\n \n\n June 27, 2025\n \n\n /CNW/ - PRO Real Estate Investment Trust (\"PROREIT\" or the \"REIT\") (TSX: PRV.UN) today announced the successful completion of its previously announced acquisition of a 100% interest in a portfolio of six high-quality industrial properties located in Winnipeg, Manitoba totaling 678,177 square feet of GLA (the \"Portfolio\") for an aggregate purchase price of $96.5 million (excluding closing costs) from Parkit Enterprise Inc. (TSXV: PKT) (\"Parkit\"), representing approximately $142 per square foot and a mid-six percent capitalization rate (the \"Transaction\").\n \n\n As part of this accretive Transaction, PROREIT paid approximately\n \n $40 million\n \n of the purchase price by issuing to Parkit at a price of\n \n $6.20\n \n per unit (i) 3,776,613 trust units of the REIT, and (ii) 2,675,000 Class B LP Units of PRO REIT Limited Partnership. Each Class B LP Unit is exchangeable for a trust unit of the REIT and is attached to a special voting unit of the REIT providing for a voting right in the REIT.\n \n\n The issuance price represents premiums of 21.8% and 24.4% over the closing price of the PROREIT units on\n \n May 12, 2025\n \n , the last day prior to the announcement of the Transaction, and the 20-day volume-weighted average trading price of the PROREIT units as at that date, respectively. Following the Transaction, Parkit now holds an approximate 9.6% ownership interest in PROREIT.\n \n\n Concurrent with the closing of the Transaction, PROREIT and Parkit entered into an investor rights agreement providing for, among other things, certain lock-up and standstill provisions, pre-emptive and registration rights, as well as the right for Parkit to nominate one trustee to PROREIT's board. In accordance with the investor rights agreement,\n \n Steven Scott\n \n , who currently serves as Chairman on Parkit's board, ...