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PROREIT has sold two non-core assets for $20.7 million. PROREIT announced that it has completed the transactions.

PROREIT Sells Retail, Industrial Properties for $20.7M

PROREIT has sold two non-core assets for $20.7 million.

The Montreal-based REIT announced that it has completed the transactions.

A 59,085-square-foot retail property in Upper Tantallon, N.S., sold for $13.5 million in gross proceeds. After making an $8.8 million mortgage repayment, PROREIT netted $4.7 million.

The REIT used the proceeds for general business, including the transaction’s closing costs.

In the other deal, PROREIT sold a 65,000-sf Montreal industrial asset for $7.2 million. All proceeds were used for a mortgage repayment.

The property, located at 5655 de Marseille Street, has been held for redevelopment.

Following the two completed disposition, PROREIT owns 121 investment properties, including 50% stake in 42 of them. The properties encompass about 6.2 million sf of gross leasable area.

PROREIT also announced that it has entered into an unconditional agreement to sell 10,000-sf retail asset for approximately $5.4 million. The transaction is expected to close within the next month.

“We are pleased with the sale of these non-core assets as we continue to optimize both our portfolio and balance sheet, while focusing on our organic growth in the industrial property sector,” said Gordon Lawlor, the REIT’s president and CEO.

Pictured: Former PROREIT retail property in Upper Tantallon, N.S.



Inside The Story

PROREITGordon Lawlor

About Monte Stewart

Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate. Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s. In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star. Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.

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