Business
PROREIT Announces Closing of Five Industrial Buildings and Boutique Office Tower for $49.3 Million
PROREIT Announces Closing of Five Industrial Buildings and Boutique Office Tower for $49.3...
About this update from Pro Real Estate Investment Trust
[{"type":"text","content":"\n\n\n\nPROREIT Announces Closing of Five Industrial Buildings and Boutique Office Tower for $49.3 Million\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.prngen3{\nBORDER-TOP:black 1pt solid; BORDER-RIGHT:black 1pt solid; VERTICAL-ALIGN: TOP; BORDER-BOTTOM:black 1pt solid; TEXT-ALIGN: RIGHT; PADDING-LEFT:0.50em; BORDER-LEFT:black 1pt solid; PADDING-RIGHT:0.50em\n}\n.prngen2{\nBORDER-TOP:black 1pt solid; BORDER-RIGHT:black 1pt solid; VERTICAL-ALIGN: TOP; BORDER-BOTTOM:black 1pt solid; TEXT-ALIGN: LEFT; PADDING-LEFT:0.50em; BORDER-LEFT:black 1pt solid; PADDING-RIGHT:0.50em\n}\n.prntbls{\nBORDER-TOP: black 1px solid; BORDER-RIGHT: black 1px solid; BORDER-COLLAPSE: collapse; BORDER-BOTTOM: black 1px solid; BORDER-LEFT: black 1px solid\n}\n\n\n\n\n\n\n\nCanada NewsWire\nMONTRÉAL, Sept. 17, 2019\n\n\n\nMONTRÉAL, Sept. 17, 2019 /CNW Telbec/ - PRO Real Estate Investment Trust (TSX: PRV.UN) (\"PROREIT\" or the \"REIT\") is pleased to report that it has closed its previously announced 100% interest acquisitions of five light industrial buildings in Halifax, Nova Scotia, and a boutique office tower in Ottawa, Ontario. The six properties, acquired from two separate vendors for an aggregate purchase price of $49.3 million before closing costs and representing a going-in capitalization rate of 6.70%, add 416,027 square feet of gross leasable area (\"GLA\") to the REIT's current portfolio.\n\"We are pleased to have successfully closed these six properties, which represent slightly over 50% of the total purchase price of the seven acquisitions announced last month, with the remaining mixed-used industrial property located in Kanata, Ontario, expected to close in the coming weeks,\" said Jim Beckerleg, President and CEO, PROREIT.\n\"Our financial position has never been stronger. Our recent successful equity raise and exceptional mortgage offerings allow us to finance these purchases on a accretive basis to our AFFO per unit, while also reducing our leverage,\" added Mr. Beckerleg. \"The focus will now be on integrating these new assets, and on continuing to build and...