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PROREIT Finalizes $51.3M Sale of Last Retail Assets
PROREIT has closed the sale of its remaining retail properties for $51.3 million.
With the divestments, the REIT becomes a pure-play industrial investor, holding assets across Canada.
The sales included 12 retail assets, with nine previously announced as sold for $39.8 million and three additional closed deals valued at $11.5 million. Most of the properties are located in Nova Scotia and New Brunswick’s largest markets, including the Halifax and Moncton regions.
PROREIT said it used $27 million of the net proceeds to repay related mortgages, and $13 million to pay down the total accessed from a revolving credit facility. The REIT plans to use the remaining balance for general business purposes.
PROREIT now owns 106 investment properties, including a 50% ownership stake in 40 of them, for a total of 6.4 million square feet of gross leasable area.
Pictured: Retail location in Moncton sold by PROREIT.
Photo: PROREIT
- ◦Sale/Acquisition
