Business
PROREIT Announces $45.1 Million in Property Acquisitions and the Intention to Internalize Property Management Through Strategic Purchase of a Property Management Firm
PROREIT Announces $45.1 Million in Property Acquisitions and the Intention to Internalize ...
About this update from Pro Real Estate Investment Trust
[{"type":"text","content":"\n\n\n\nPROREIT Announces $45.1 Million in Property Acquisitions and the Intention to Internalize Property Management Through Strategic Purchase of a Property Management Firm\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.prntac{\nTEXT-ALIGN: CENTER\n}\n.prnbcc{\nBORDER-TOP:0pt solid; BORDER-RIGHT:0pt solid; BORDER-COLLAPSE: COLLAPSE; BORDER-BOTTOM:0pt solid; BORDER-LEFT:0pt solid\n}\n\n\n\n\n\n\n\nCanada NewsWire\nMONTREAL, June 5, 2018\n\n\n\n/NOT FOR DISSEMINATION IN THE UNITED STATES OR DISTRIBUTION THROUGH UNITED STATES NEWS OR WIRE SERVICES./\n\n\n\nMONTREAL, June 5, 2018 /CNW/ - PRO Real Estate Investment Trust (\"PROREIT\" or the \"REIT\") (TSXV: PRV.UN) announced today that it has signed binding agreements to acquire twelve commercial properties for an aggregate purchase price of approximately $45.1 million. The properties are comprised of six industrial buildings and developable land in Winnipeg, Manitoba, five standalone retail buildings in Quebec and New Brunswick, and the 50% remaining undivided interest in an industrial building in Drummondville, Quebec. The total acquisition price represents an implied going-in weighted average capitalization rate of approximately 6.8% for the properties. The acquisitions increase the total assets of the REIT by 12.3% to approximately $412 million.\n\nPROREIT is also pleased to announce that it has signed a binding agreement to acquire the assets of Compass Commercial Realty Limited, a prominent property management platform headquartered in Halifax, Nova Scotia.\n\nTogether, these transactions will be significantly accretive to the REIT, and are expected to positively impact its adjusted funds from operations (AFFO)1 after the transactions close.\n\nThe total consideration being paid for the transactions includes the issuance of approximately $5.95 million of Class B limited partnership units of PRO REIT Limited Partnership (\"Class B LP Units\"), a subsidiary of the RE...