PRO Real Estate Investment Trust (PROREIT) (TSX: PRV.UN) has completed its $136.8 million acquisition of two industrial portfolios located in Quebec City, Quebec and Winnipeg, Manitoba.
The Quebec City portfolio comprises 13 industrial properties totaling 611,924 square feet of gross leasable area and was acquired for $112.8 million (excluding closing costs). The Winnipeg portfolio comprises four industrial properties totaling 159,235 square feet of gross leasable areas and was acquired for $24 million (excluding closing costs).
The Montreal-headquartered PROREIT also entered into a binding agreement for the previously announced acquisition of four additional industrial properties totaling approximately 165,000 square feet of gross leasable area in Winnipeg for a purchase price of $21.7 million (excluding closing costs). The purchase price is expected to be funded through approximately $14.1 million of a new eight-year fixed-rate mortgage financing and cash on hand, including proceeds from PROREIT’s equity financing completed on June 10.
The company added that more acquisitions are expected to occur during the third quarter.
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