Montreal-headquartered PRO Real Estate Investment Trust (PROREIT) (TSX: PRV.UN) has acquired a six-asset portfolio of Winnipeg industrial properties for $96.5 million from Parkit Enterprise Inc. (TSX.V: PKT).
The portfolio encompasses 678,177 square feet of gross leasable area featuring weighted-average clear heights of 21 feet, and is comprised of warehouse, light industrial and flex industrial spaces. The portfolio is currently 99.7% leased to a roster of 26 tenants with a weighted average remaining lease term of approximately 4.2 years, and in-place leases within the portfolio are approximately 8% below current market industrial rents in Winnipeg.
“This accretive acquisition meaningfully expands our industrial footprint in Winnipeg and supports our growth strategy focused on scaling our platform through high-quality industrial properties in strong secondary markets,” said Gordon Lawlor, president and CEO at PROREIT. “As part of the transaction, we are pleased to establish a strategic relationship with Parkit through the issuance of units and by welcoming Parkit’s Steven Scott to our board of trustees following closing. Given Parkit’s value-add expertise and aligned interests, we see meaningful opportunities to pursue further growth together.”
Photo: The interior of 1725 Inkster Boulevard in Winnipeg, one of the acquired properties; courtesy of Parkit Enterprise Inc.
