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PROREIT Announces Closing of $15.4 Million of Light Industrial Property Acquisitions and Provides Year-End Update
PROREIT Announces Closing of $15.4 Million of Light Industrial Property Acquisitions and P...
About this update from Pro Real Estate Investment Trust
[{"type":"text","content":"\n\n\n\nPROREIT Announces Closing of $15.4 Million of Light Industrial Property Acquisitions and Provides Year-End Update\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.prngen2{\nBORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt; BORDER-BOTTOM:black 0pt; PADDING-LEFT:0.50em; BORDER-LEFT:black 0pt; PADDING-RIGHT:0.50em\n}\n.prnsbt0{\nBORDER-TOP:0pt\n}\n.prnsbr0{\nBORDER-RIGHT:0pt\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE\n}\n.prnsbl0{\nBORDER-LEFT:0pt\n}\n.prnsbb0{\nBORDER-BOTTOM:0pt\n}\n\n\n\n\n\n\n\nCanada NewsWire\nMONTREAL, Dec. 20, 2018\n\n\n\nMONTREAL, Dec. 20, 2018 /CNW/ - PRO Real Estate Investment Trust (\"PROREIT\" or the \"REIT\") (TSXV: PRV.UN) is pleased to report that it has closed the previously announced acquisition of two light industrial properties in Southwestern Ontario for a total of $15.38 million.\nThe two industrial properties are strategically located just west of Cambridge, and in Hamilton, both within Ontario's Golden Horseshoe area. They are each on major transportation corridors. The buildings, which were acquired from a single vendor, contain total gross leasable area (or \"GLA\") of approximately 202,000 square feet and are fully leased to high quality tenants with weighted average lease terms of 7.1 years. \nThe $15.4 million purchase price was financed by the assumption of $8.4 million in existing mortgages at a weighted average interest rate of 3.15%. The balance of the purchase price was satisfied with cash on hand and from existing lines of credit. \nThe addition of the properties to the REIT's portfolio increases PROREIT's industrial exposure to 27.1% compared to 24.9% previously. The acquisitions also increase the REIT's exposure to the Ontario market, which climbs from 16.4% of the portfolio to 19.6%. \n1035 Industrial Road, Ayr, Ontario \nBuilt in 1990, 1035 Industrial Road is located in Ayr, west of Cambridge, Ontario on the TransCanada Highway 401, providing direct access to major markets in Ontario as well as to the States of New York and Michigan in the United States. \nThe property is a single tenant industrial building that sits on an eight-ac...