Business
PROREIT completes its previously announced property acquisitions
/NOT FOR DISSEMINATION IN THE UNITED STATES OR DISTRIBUTION THROUGH UNITED STATES NEWS...
About this update from Pro Real Estate Investment Trust
[{"type":"text","content":"\n\n\n/NOT FOR DISSEMINATION IN THE UNITED STATES OR DISTRIBUTION THROUGH\n UNITED STATES NEWS OR WIRE SERVICES./\n\n\nMONTRÉAL, Dec. 10, 2013 /CNW/ - PRO Real Estate Investment Trust (\"PROREIT\" or the \"REIT\") (TSXV: PRV.UN) today announced that it has completed the acquisition\n of the remaining two commercial properties that the REIT is acquiring\n further to its public offering which closed on November 26, 2013 (the \"Offering\"). Together with the two acquisitions announced on December 3, 2013,\n today's acquisitions add approximately 315,330 square feet of gross\n leasable area to PROREIT's existing portfolio.\n\n\nThe two properties acquired today are located at 370 Connell Street,\n Woodstock, New Brunswick and 3200-3260 Guénette Street, St-Laurent,\n Québec. They were respectively acquired for a purchase price of\n approximately $13.95 million and $15.25 million (excluding closing\n costs), for a total purchase price of approximately $29.2 million, of\n which approximately $5.4 million was satisfied through the issuance of\n Class B limited partnership units of PRO REIT Limited Partnership, a\n subsidiary of the REIT, at a price per unit equal to the offering price\n of the REIT's units issued under the Offering. The balance of the\n purchase price was satisfied through a new first mortgage financing of\n $19.8 million, a drawdown of approximately $2.8 million under its\n existing credit facility and a portion of the net proceeds from the\n Offering. The properties were sold by two separate and unrelated\n vendors.\n\n\nWith the completion of these acquisitions, the REIT has concluded all\n property purchases that were subject of the Offering. PROREIT's\n portfolio is now comprised of 8 commercial properties totalling 372,878\n square feet of gross leasable area. The portfolio of the REIT is\n diversified by property type and geography across Eastern Canada,\n including the Greater Montréal Area and certain urban centres of\n Atlantic Canada.\n\n\nFor more information on the acquisitions, please refer to the final\n short form prospectus of the REIT dated November 19, 2013, available\n under the REIT's profile on SEDAR at www.sedar.com.\n\n\nAbout PROREIT \n\n\nPROREIT (www.proreit.com) is an unincorporated open-ended real estate investment trust\n established pursuant to a declaration of trust un...