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PROREIT Completes Compass Commercial Realty Acquisition and $31.7 Million in Property Acquisitions in Winnipeg and Drummondville
PROREIT Completes Compass Commercial Realty Acquisition and $31.7 Million in Property Acqu...
About this update from Pro Real Estate Investment Trust
[{"type":"text","content":"\n\n\n\nPROREIT Completes Compass Commercial Realty Acquisition and $31.7 Million in Property Acquisitions in Winnipeg and Drummondville\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{\nBORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt; VERTICAL-ALIGN: BOTTOM; BORDER-BOTTOM:black 0pt; PADDING-LEFT:0.50em; BORDER-LEFT:black 0pt; PADDING-RIGHT:0.50em\n}\n.prnbcc{\nBORDER-TOP:0pt solid; BORDER-RIGHT:0pt solid; BORDER-COLLAPSE: COLLAPSE; BORDER-BOTTOM:0pt solid; BORDER-LEFT:0pt solid\n}\n\n\n\n\n\n\n\nCanada NewsWire\nMONTREAL, July 3, 2018\n\n\n\n/NOT FOR DISSEMINATION IN THE UNITED STATES OR DISTRIBUTION THROUGH UNITED STATES NEWS OR WIRE SERVICES./\n\n\n\nMONTREAL, July 3, 2018 /CNW/ - PRO Real Estate Investment Trust (\"PROREIT\" or the \"REIT\") (TSXV: PRV.UN) is pleased to announce that it has successfully closed three previously announced transactions.  \n\nThe purchase of the assets of Compass Commercial Realty Limited, a property management firm based in Halifax, Nova Scotia is expected to add significant value to the operations of the REIT.  \n\nAlso completed are the portfolio purchase of six industrial buildings together with further developable land in Winnipeg, Manitoba, as well as the 50% remaining undivided interest in a high quality industrial property in Drummondville, Quebec.\n\n\"With the closing of these transactions, PROREIT has now surpassed the $400 million mark in total assets, said James W. Beckerleg, President and Chief Executive Officer. \"Further, the acquisition of Compass is an important strategic initiative.  As we build a national presence, the acquisition of the Compass property management platform will enable us to reduce costs, build value and develop a strong presence in each of our key markets. The acquisition is a major initiative in the eventual internalization of our full management function, once appropriate total asset targets have been achieved and the REIT elects to take this step.\"\n\nPartial consideration being paid for the Compass transaction includes the issuance 869,565 Class B limited partnership units of PRO R...