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PROREIT ANNOUNCES MAJOR JOINT VENTURE AGREEMENT WITH CRESTPOINT REAL ESTATE INVESTMENTS FOR 42 PROPERTIES IN ATLANTIC CANADA
PROREIT ANNOUNCES MAJOR JOINT VENTURE AGREEMENT WITH CRESTPOINT REAL ESTATE INVESTMENTS F...
About this update from Pro Real Estate Investment Trust
[{"type":"text","content":"\n \n \n \n PROREIT ANNOUNCES MAJOR JOINT VENTURE AGREEMENT WITH CRESTPOINT REAL ESTATE INVESTMENTS FOR 42 PROPERTIES IN ATLANTIC CANADA\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.prngen2{\nPADDING-RIGHT:0.17em; PADDING-LEFT:0.17em; BORDER-TOP:black 1pt; BORDER-RIGHT:black 1pt; BORDER-BOTTOM:black 1pt; BORDER-LEFT:black 1pt\n}\n.prnml4{\nMARGIN-TOP:0em; MARGIN-RIGHT:0em; MARGIN-BOTTOM:0em; MARGIN-LEFT:0.33em !IMPORTANT\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE; BORDER-TOP:1pt black; BORDER-RIGHT:1pt black; BORDER-BOTTOM:1pt black; BORDER-LEFT:1pt black\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n PROREIT will act as sole property manager for the portfolio\n \n \n \n \n \n MONTREAL\n \n \n ,\n \n \n June 21, 2022\n \n \n /CNW Telbec/ - PRO Real Estate Investment Trust (\"PROREIT\" or the \"REIT\") (TSX: PRV.UN) is pleased to announce that it has entered into a strategically important joint venture agreement with Crestpoint Real Estate Investments Ltd. (\"Crestpoint\") to jointly own an industrial-focused portfolio of 42 properties, including 41 properties in\n \n Halifax, Nova Scotia\n \n , and one property in\n \n Moncton, New Brunswick\n \n . The portfolio is comprised of nearly 3.1 million square feet of gross leasable area (\"GLA\").\n \n \n As part of the joint venture transaction, PROREIT and Crestpoint will each acquire a 50% interest in 21 primarily industrial properties currently owned by a third party, for a total purchase price of\n \n $228 million\n \n (before closing costs).\n \n \n In conjunction with such acquisition, PROREIT will sell a 50% interest in 21 of its currently owned properties to Crestpoint, having a total value of\n \n $227 million\n \n , for a total consideration to PROREIT of approximately\n \n $113.5 million\n \n (before closing costs).\n \n \n \"This joint venture is a unique opportunity for PROREIT to increase its footprint in\n \n Halifax's\n \n Burnside Industrial Park, one of\n \n Canada's\n \n strongest industrial nodes. By joining forces with Crestpoint, a high profile institutional real estat...