PROREIT has entered agreements to acquire 17 industrial properties in Québec City and Winnipeg for a combined purchase price of $136.8 million as the real estate investment trust looks to expand its industrial footprint and increase scale across key Canadian markets.

The acquisitions include a 13-property industrial portfolio in Québec City comprising approximately 613,000 square feet and a four-property Winnipeg portfolio totalling about 160,000 sf Combined, the transactions will add roughly 773,000 square feet of gross leasable area to PROREIT’s portfolio.

The Québec acquisition, valued at $112.8 million, will significantly expand the REIT’s presence in the province and is concentrated around key industrial nodes and transportation corridors. The portfolio is approximately 91 per cent occupied with a weighted average lease term of 2.8 years.

The Winnipeg acquisition, valued at $24 million, includes a long-term leased single-tenant building and a three-building multi-tenant portfolio. The assets are approximately 97 per cent occupied and carry a weighted average lease term of 5.2 years.

Upon closing, PROREIT said its portfolio will grow to 122 income-producing properties representing approximately 7.2 million square feet and $1.2 billion in total assets, with industrial exposure rising to 93 per cent of gross leasable area.

To fund the acquisitions, PROREIT launched a bought-deal public offering of approximately $72.5 million through the issuance of 11.15 million trust units priced at $6.50 each, alongside a concurrent private placement expected to generate an additional $21.7 million.

The REIT expects the acquisitions to close in the third quarter of 2026, subject to customary closing conditions and regulatory approvals.

In addition to the 17 acquisitions, PROREIT has entered into a conditional agreement to acquire four industrial properties spanning 165,000 sf of gross leasable area for a total purchase price of $21.7 million, excluding closing costs. The conditional sale agreement includes conditions in favour of the vendor that must be satisfied as its sole discretion, said the REIT.

Pictured: Winnipeg.

Photo: Shutterstock

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