Business
PROREIT announces the closing of two previously announced acquisitions
/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\nMONTRÉAL, Dec. 3, 2013 /CNW/ - PRO Real Estate Investment Trust (\"PROREIT\" or the \"REIT\") (TSXV: PRV.UN) announces that it has completed the acquisition of two\n of the four properties that the REIT intends to acquire further to the\n closing of its public offering, which closed on November 26, 2013 (the\n \"Offering\"). As previously announced, the other two acquisitions are scheduled to\n close on or about December 10, 2013.\n\n\nThe total acquisition price for the two properties acquired by PROREIT,\n which are located at 55 Technology Drive, Saint John, New Brunswick and\n 26-32 Prince Arthur Street and 11-15 Princess Street, Amherst, Nova\n Scotia, is $9.8 million (excluding closing costs), of which\n approximately $0.4 million was satisfied through the issuance of Class\n B limited partnership units of PRO REIT Limited Partnership, a\n subsidiary of the REIT, at a price per unit equal to the offering price\n of the REIT's units issued under the Offering. The balance of the\n purchase price was satisfied through the assumption of a mortgage\n having an outstanding amount of approximately $1.7 million, a drawdown\n of approximately $3.6 million under a newly established revolving\n credit facility and a portion of the net proceeds from the Offering.\n The properties were sold by two separate and unrelated vendors.\n\n\nFollowing the closing of the two acquisitions that are scheduled to\n close on or about December 10, 2013, the REIT's initial portfolio will\n be comprised of 8 commercial properties totalling 372,878 square feet\n of gross leasable area. The initial portfolio of the REIT will be\n diversified by property type and geography across Eastern Canada,\n including the Greater Montréal Area and certain urban centres of\n Atlantic Canada. The aggregate purchase price (excluding closing costs)\n for the four acquisitions is anticipated to be approximately $39.0\n million. The closing of the two other acquisitions is subject to\n customary closing conditions.\n\n\nFor more information on the acquisitions, please refer to the final\n short form prospectus of the REIT dated November 19, 2013, available\n under the REIT's profile on SEDAR at www.sedar.com (the \"Prospectus\").\n\n\nAbout...