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PROREIT COMPLETES ACQUISITION OF ONE INDUSTRIAL BUILDING FOR $32.6 MILLION AND SALE OF TWO NON-CORE OFFICE PROPERTIES FOR $26.6 MILLION
PROREIT COMPLETES ACQUISITION OF ONE INDUSTRIAL BUILDING FOR $32.6 MILLION AND SALE OF TWO NON-CO...
About this update from Pro Real Estate Investment Trust
[{"type":"text","content":"\n\n\n\n PROREIT COMPLETES ACQUISITION OF ONE INDUSTRIAL BUILDING FOR $32.6 MILLION AND SALE OF TWO NON-CORE OFFICE PROPERTIES FOR $26.6 MILLION\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 \n\n\n\n\n\n Canada NewsWire\n \n\n\n\n\n MONTRÉAL\n \n ,\n \n\n Sept. 19, 2024\n \n\n /CNW/ - PRO Real Estate Investment Trust (\"PROREIT\" or the \"REIT\") (TSXV: PRV.UN) today announced the completion of its previously announced acquisition of an industrial building in\n \n Dorval\n \n , Québec, for a total purchase price of\n \n $32.6 million\n \n (excluding closing costs). Additionally, PROREIT completed its previously announced sale of two legacy office properties for gross proceeds of $26.6 million.\n \n\n Following these three completed transactions, PROREIT's portfolio now consists of 116 income-producing commercial properties, including a 50% ownership interest in 42 investment properties, totaling approximately 6.1 million square feet of gross leasable area (\"GLA\"), with the industrial sector accounting for approximately 86% of GLA and 80% of base rent.\n \n\n\n Acquisition details\n \n\n\n On\n \n September 17, 2024\n \n , PROREIT completed the acquisition of a 100% interest in a strategically located industrial building located at 2945 André Avenue, in\n \n Dorval\n \n , a suburb of Montréal, Québec, adjacent to Montréal-Trudeau International Airport, for a total purchase price of\n \n $32.6 million\n \n (excluding closing costs), representing a going-in capitalization rate of approximately 6.7%.\n \n\n The single-tenant industrial building comprises 134,340 square feet of GLA and is fully occupied by a national logistics company under a long-term lease that includes annual rent escalations and a renewal option.\n \n\n The purchase price was financed through a new $21.2 million five-year first mortgage at a rate of 5.10%, with the balance funded by proceeds from previously announced non-core property sales and a draw on available operating facilities.\n \n\n\n Dispositions details\n \n\n\n On\n \n September 13, 2024\n \n , P...