PROREIT has sold three non-core Canadian retail real estate assets for $13.2 million.
The properties are located in Halifax, Quebec City and its Levis, Que., suburb. Altogether, the assets comprise approximately 68,000 square feet of gross leasable area.
Proceeds of the dispositions were used to repay about $4.4 million in related mortgages and the balance was used for general business purposes, said PROREIT in a news release.
With the three latest deals, PROREIT sold seven non-core properties in 2023 for $26.6 million. The dispositions included four office properties, with two apiece located in Amherst, N.S., and Ottawa, and four retail sites. The fourth retail asset is a 3,240-sf property in Sherbrooke, Que.
Montreal-based PROREIT also announced that it refinanced its remaining mortgages maturing in 2023 with current lenders. Gordon Lawlor, the REIT’s president and CEO, said it now has additional near-term financial flexibility and is well-positioned for future industrial real estate opportunities.
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.