Investment trust acquires nearly $50M in commercial properties

PRO Real Estate Investment Trust has announced earlier this week that it has entered into final agreements that will see the trust acquiring 12 commercial properties in Manitoba, Quebec, and New Brunswick for a total of 368,854 square feet of leasable area, valued at approximately $45.1 million all in all.

The deal will expand the REIT’s total assets to around $412 million. To be acquired in the agreement are 6 industrial buildings and developable land parcels in Winnipeg, Manitoba; 5 retail buildings in Quebec and New Brunswick; and the remaining undivided interest (50%) in a Drummondville, Quebec industrial building.

Read more: Canadian RE investment firm to further expand global platform

“With these acquisitions, we continue to build our national footprint while further strengthening our presence in the Maritimes and Quebec,” PROREIT president and CEO James W. Beckerleg said. “With the Winnipeg acquisitions, we are now in nine of ten Canadian provinces. As we build this national presence, the acquisition of the property management platform will enable us to reduce costs, build value and develop a strong presence in each of our key markets.”

PROREIT also announced the signing of a binding agreement that will see it acquiring the assets Halifax-based property management platform Compass Commercial Realty Limited.

Related stories: 
Value of Canadian hotels to go up again this year – Colliers
Toronto city budget enjoying substantial boost from commercial segment