MONTRÉAL, Nov. 9, 2021 /CNW
Telbec/ - PRO Real Estate Investment Trust (TSX: PRV.UN) ("PROREIT"
or the "REIT") today announced the completion of its previously
announced acquisition of a 100% interest in 15 industrial
properties located in Atlantic
Canada and one industrial property in Winnipeg, Manitoba, for an aggregate purchase
price of $163.2 million (excluding
closing costs). Together, the 16 properties increase PROREIT's
gross leasable area ("GLA") by approximately 1.2 million square
feet, to 6.6 million square feet in total.
PROREIT also announced the completion of its previously
announced sale of three retail properties located in New Brunswick, for a total consideration of
$8.1 million.
Acquisitions
Atlantic Canada Properties
Property
Address
|
GLA
(Square
Feet)
|
11 Morris Drive,
Dartmouth, NS
|
89,918
|
10 Morris Drive,
Dartmouth,
NS
|
118,951
|
29-57 Mosher Drive,
Dartmouth,
NS
|
54,700
|
30-58 Mosher Drive,
Dartmouth,
NS
|
56,899
|
10 Vidito Drive,
Dartmouth,
NS
|
61,987
|
50 Akerley Boulevard,
Dartmouth,
NS
|
62,980
|
55 Akerley Boulevard,
Dartmouth,
NS
|
75,398
|
120 Troop Avenue,
Dartmouth,
NS
|
87,214
|
320-340 Wright
Avenue, Dartmouth,
NS
|
170,456
|
58 Wright Avenue,
Dartmouth,
NS
|
43,000
|
40 Thornhill Drive,
Dartmouth,
NS
|
32,063
|
50 Thornhill Drive,
Dartmouth,
NS
|
32,139
|
60 Thornhill Drive,
Dartmouth,
NS
|
31,929
|
101 Thornhill Drive,
Dartmouth,
NS
|
61,551
|
222 Edinburgh Drive,
Moncton,
NB
|
94,682
|
Total
|
1,073,867
|
The purchase price of approximately $150.9 million (excluding closing costs) for the
15 industrial properties located in Atlantic Canada was substantially financed
from the proceeds of $105.6 million in 3-year and 7-year first
mortgages at an average rate of 2.97%, with the balance satisfied
with cash on hand as a result of PROREIT's recent equity raise.
Winnipeg Property
The Winnipeg property is
located at 1500 Notre Dame Avenue and represents 106,737 square
feet of GLA. The purchase price of approximately $12.3 million (excluding closing costs) for the
Winnipeg property was
substantially financed from the assumption of an $8.4 million first mortgage, at an effective
interest rate of 2.75%, maturing in April
2024 with the balance satisfied with cash on hand as a
result of PROREIT's recent equity raise.
Sale Transaction
On September 29, 2021, PROREIT
completed the sale of three predominantly retail properties located
in New Brunswick for a total
consideration of approximately $8.1
million. The proceeds of the sale were used to pay out
approximately $5.0 million of
mortgages and the balance was used for general trust purposes.
Impact of the Transactions on PROREIT's Overall
Portfolio
PROREIT's portfolio is now comprised of 120 income producing
commercial properties representing approximately 6.6 million square
feet of GLA with a weighted average lease term of 4.5 years. The
addition of the industrial properties has improved portfolio
balance by increasing PROREIT's portfolio exposure to the
industrial segment to 78% by GLA and 63% by base rent.
Portfolio Overview
Province
|
% By Base
Rent
|
% By
GLA
|
Asset
Class
|
% By Base
Rent
|
% By
GLA
|
Maritime
Provinces
|
47%
|
51%
|
Industrial
|
63%
|
78%
|
Ontario
|
27%
|
24%
|
Retail
|
26%
|
15%
|
Western
Canada
|
16%
|
14%
|
Office
|
11%
|
7%
|
Quebec
|
10%
|
12%
|
|
|
|
Total
|
100.0%
|
100.0%
|
Total
|
100.0%
|
100.0%
|
About PRO Real Estate Investment Trust
PROREIT is an unincorporated open-ended real estate investment
trust established pursuant to a declaration of trust under the laws
of the Province of Ontario.
PROREIT was established in March 2013
to own a portfolio of diversified commercial real estate properties
in Canada, with a focus on primary
and secondary markets in Québec, Atlantic
Canada and Ontario with
selective expansion into Western
Canada. PROREIT's portfolio is diversified by property type
and geography.
For more information on PROREIT, please visit the website at
www.proreit.com.
Neither the TSX nor its Regulation Services Provider (as that
term is defined in the policies of the TSX) accepts responsibility
for the adequacy or accuracy of this release.
SOURCE PROREIT