Business
PROREIT completes acquisition of mixed-used industrial property in Ottawa region for $48.5 million
PROREIT completes acquisition of mixed-used industrial property in Ottawa region for $48.5...
About this update from Pro Real Estate Investment Trust
[{"type":"text","content":"\n\n\n\nPROREIT completes acquisition of mixed-used industrial property in Ottawa region for $48.5 million\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\n\n\n\n\n\n\nCanada NewsWire\nMONTRÉAL, Sept. 27, 2019\n\n\n\nMONTRÉAL, Sept. 27, 2019 /CNW Telbec/ - PRO Real Estate Investment Trust (TSX: PRV.UN) (\"PROREIT\" or the \"REIT\") is pleased to announce the closing of its previously announced 100% interest acquisition in a mixed-used industrial property in Kanata, Ontario, for $48.5 million before closing costs, representing a going-in capitalization rate of 6.60%. The property adds 279,388 square feet of gross leasable area (\"GLA\") to the REIT's current portfolio.\n\"PROREIT is pleased to have completed this last of seven recently announced property acquisitions. The Kanata property is a prestigious quality asset that has been institutionally owned and maintained. It increases our industrial exposure as well as our portfolio concentration in the attractive Ottawa market,\" said Jim Beckerleg, President and CEO, PROREIT. \n\"These recent acquisitions reflect our continued growth as a high-quality diversified commercial Canadian REIT and have allowed us to successfully strengthen and broaden our portfolio on an accretive basis. In addition to increasing our industrial exposure, these acquisitions have also enhanced the concentration of our portfolio value within larger urban centres, with approximately one-third of GLA now located in the compelling Greater Montreal and Ottawa regions,\" concluded Mr. Beckerleg.\n500 Palladium Drive, Ottawa, Ontario\nLocated in the Kanata neighborhood of Ottawa, a high technology growth node, the property is a state-of-the-art, multi-tenant flex industrial building featuring prestigious office, research and lab facilities. The property has a weighted average lease term of 7.5 years and is 100% occupied by an outstanding group of tenants operating in the fields of material sciences, defense, communications and medical technology. It is favorably located, adjacent to a major retail node offering countless amenities, shops, restaurants, a m...