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PROREIT announces transformative transactions including $61.7 million of proposed property acquisitions, public offering of $35.0 million of trust units and intention to internalize management and graduate to the TSX
PROREIT announces transformative transactions including $61.7 million of proposed property...
About this update from Pro Real Estate Investment Trust
[{"type":"text","content":"\n\n\n\nPROREIT announces transformative transactions including $61.7 million of proposed property acquisitions, public offering of $35.0 million of trust units and intention to internalize management and graduate to the TSX\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.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nMONTRÉAL, Sept. 11, 2018\n\n\n\n/NOT FOR DISSEMINATION IN THE UNITED STATES OR DISTRIBUTION THROUGH UNITED STATES NEWS OR WIRE SERVICES./\n MONTRÉAL, Sept. 11, 2018 /CNW/ - PRO Real Estate Investment Trust (\"PROREIT\" or the \"REIT\") (TSXV: PRV.UN) is pleased to announce transformative transactions including the proposed acquisition of six commercial properties for an aggregate purchase price of $61.7 million, representing an implied weighted average capitalization rate of 7.0% (collectively, the \"Acquisitions\"), a public offering of $35.0 million of trust units (\"Units\") of the REIT (the \"Offering\") and plan to internalize management and graduate from the TSX Venture Exchange (\"TSXV\") to the Toronto Stock Exchange (\"TSX\"). \nProperty Acquisitions\nPROREIT has entered into conditional agreements in respect of the six Acquisitions with two separate vendors. The six Acquisitions represent an aggregate of approximately 458,000 square feet of gross leasable area (\"GLA\"), comprised of five office properties in Ottawa, Ontario (282,000 square feet of GLA) and one light industrial building in Saint-Hyacinthe, Québec (176,000 square feet of GLA). The combined occupancy rate of the six Acquisitions is 98.3%. In-place leases have a weighted average lease term of 4.9 years from a base of tenants providing strong covenants.\nOttawa Portfolio of Institutionally Owned Office Buildings\nThe Ottawa office portfolio represents PROREIT's initial entry into the Ottawa commercial market and demonstrates the REIT's strong commitment to expand into mid-size cities nationally. Upon closing of the Acquisitions, the addition of the Ottawa properties will improve portfolio balance by increasing PROREIT's portfolio exposure to the Ontario m...