REIT is looking to acquire major industrial assets
Nexus Industrial REIT has announced the closing of a previously announced $81.3 million bought deal equity offering, with the proceeds slated to fund the acquisition of two major industrial assets in Toronto and Montreal.
With considerable momentum from strong results earlier this year, the offering was completed to a syndicate of underwriters led by BMO Capital Markets.
The transaction saw a total of 8,225,000 units issued at a price of $10.30 per unit, with the gross proceeds including those from “the exercise of the over-allotment option granted to the underwriters to purchase 925,000 units,” the REIT said.
The acquisition of the two new institutional-quality single-tenant industrial distribution properties will total approximately 330,000 square feet. These represent the latest in the REIT’s continuous expansion in the Canadian commercial market, Nexus said.
“The acquisitions are located in the Greater Toronto Area and Greater Montreal Area and are currently under construction,” Nexus added. “The acquisitions are estimated to be completed in the first half of 2023, upon rent commencement at each property.”
