Business
PROREIT announces first distribution and completes acquisition of an office property in Pointe-Claire, Quebec
/NOT FOR DISSEMINATION IN THE UNITED STATES OR DISTRIBUTION THROUGH UNITED STATES NEWS...
About this update from Pro Real Estate Investment Trust
[{"type":"text","content":"\n\n\n/NOT FOR DISSEMINATION IN THE UNITED STATES OR DISTRIBUTION THROUGH\n UNITED STATES NEWS OR WIRE SERVICES./\n\n\nDecember Distribution\n\n\nMONTRÉAL, Dec. 16, 2013 /CNW/ - PRO Real Estate Investment Trust (\"PROREIT\" or the \"REIT\") (TSXV: PRV.UN) announced today its first cash distribution of $0.0198\n per trust unit of the REIT for the period from November 26, 2013\n (closing date of the REIT's public offering) to December 31, 2013. The\n distribution will be payable on January 15, 2014 to unitholders of\n record as at December 31, 2013.\n\n\nAcquisition of Office Property\n\n\nPROREIT is also pleased to announce today that it has completed the\n previously announced acquisition of an office property located at 325\n Hymus Boulevard in Pointe-Claire, Québec.\n\n\nThe property was acquired today for $3.38 million (excluding closing and\n transaction costs), of which approximately $1.01 million was satisfied\n through the issuance of Class B limited partnership units of PRO REIT\n Limited Partnership, a subsidiary of the REIT, at a price per unit of\n $2.40. The balance of the purchase price was satisfied through the use\n of PROREIT's revolving credit facility which was expanded to a maximum\n availability of $9 million from its original $6.9 million with the\n inclusion of this property as additional security. The purchase price\n represents a going-in capitalization rate of approximately 8.25% on in\n place cash flows and will be immediately accretive to the REIT.\n\n\nWith the completion of this acquisition, PROREIT's portfolio is now\n comprised of nine commercial properties totalling 396,872 square feet\n of gross leasable area. The portfolio of the REIT is diversified by\n property type and geography across Eastern Canada, including the\n Greater Montréal Area and certain urban centres of Atlantic Canada.\n\n\nAbout PROREIT \n\n\nPROREIT (www.proreit.com) is an unincorporated open-ended real estate investment trust\n established pursuant to a declaration of trust under the laws of the\n Province of Ontario. PROREIT was established in March 2013 to own a\n portfolio of diversified commercial real estate properties in Canada,\n with a focus on primary and secondary markets in Québec, Atlantic\n Canada and Ontario.\n\n\nForward-Looking Statements \n\n\nThis news release may contain forward-looking...