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PROREIT ANNOUNCES AGREEMENT TO ACQUIRE INDUSTRIAL BUILDING IN MONTRÉAL FOR $32.6 MILLION
PROREIT ANNOUNCES AGREEMENT TO ACQUIRE INDUSTRIAL BUILDING IN MONTRÉAL FOR $32.6 MILLION ...
About this update from Pro Real Estate Investment Trust
[{"type":"text","content":"\n\n\n\n PROREIT ANNOUNCES AGREEMENT TO ACQUIRE INDUSTRIAL BUILDING IN MONTRÉAL FOR $32.6 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 Aug. 21, 2024\n \n\n /CNW/ - PRO Real Estate Investment Trust (\"PROREIT\" or the \"REIT\") (TSXV: PRV.UN) is pleased to announce that it has entered into a binding agreement to acquire a 100% interest in a strategically located industrial building in\n \n Dorval\n \n , a suburb of Montréal, Québec, adjacent to Montréal-Trudeau International Airport, for a total purchase price of\n \n $32.6 million\n \n (excluding closing costs), representing a going-in capitalization rate of approximately 6.7%.\n \n\n The purchase price will be 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.\n \n\n \"As we continue to successfully execute on our capital recycling program, we are pleased with this accretive acquisition which aligns with our growth strategy and medium-term goals of expanding our industrial footprint to 90% of base rent and\n \n $2 billion\n \n in total asset value,\" said Gordon Lawlor, President and CEO, PROREIT.\n \n\n\n High-quality, light industrial building\n \n\n\n The single-tenant industrial building, located at 2945 André Avenue in\n \n Dorval\n \n , Québec, comprises 134,340 square feet of gross leasable area (\"GLA\") and features a warehouse clear height of 24-27 feet, along with an efficient loading configuration. It is fully occupied by a national logistics company under a long-term lease that includes annual rent escalations and a renewal option. The tenant has been in place at the building since 2013.\n \n\n Upon completion of this acquisition, PROREIT's portfolio will consist of 115 income-producing commercial properties, including a 50% ownership interest in 42 investment properties, totaling approximately 6.1 million square feet of GLA....