PROREIT Completes $50 Million Private Placement

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[{"type":"text","content":"\n \n \n \n PROREIT Completes $50 Million Private Placement\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 /NOT FOR DISSEMINATION IN\n \n THE UNITED STATES\n \n OR DISTRIBUTION THROUGH UNITED\n \n STATES NEWS OR WIRE SERVICES/\n \n \n \n MONTRÉAL, QC,\n \n April 14, 2021\n \n /CNW Telbec/ - PRO Real Estate Investment Trust (TSX: PRV.UN) (\"PROREIT\" or the \"REIT\") is pleased to announce the closing of its previously announced private placement of\n \n $50 million\n \n of trust units (the \"Private Placement\").\n \n \n Pursuant to the Private Placement, 8,264,463 trust units of PROREIT were issued from treasury on a non-brokered private placement basis at a price of\n \n $6.05\n \n per unit to Collingwood Investments Incorporated, a member of the Bragg Group of Companies, from\n \n Nova Scotia\n \n . As a result of the Private Placement, Collingwood Investments Incorporated, together with a related party, has a voting and economic interest of approximately 19.6% in PROREIT. Collingwood Investments Incorporated received a capital commitment fee equal to 3% of the gross proceeds of the Private Placement upon closing.\n \n \n PROREIT intends to use the net proceeds from the Private Placement (i) to partially fund its proposed acquisition of a 100% interest in 12 industrial properties, including three properties in\n \n Ottawa, Ontario\n \n , representing 283,000 square feet of gross leasable area (\"GLA\") and nine properties in\n \n Winnipeg, Manitoba\n \n , representing 288,000 square feet of GLA (collectively, the \"Acquisitions\"), for an aggregate purchase price of approximately\n \n $86.8 million\n \n (excluding closing costs), (ii) to repay certain indebtedness which may be subsequently redrawn, and (iii) the balance if any to fund future acquisitions and for general business and working capital purposes.\n \n \n The Acquisitions are subject to customary closing conditions and are expected to close in the second quarter of 2021. For more information on the Acquisitions and the intended use of the net proc...

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