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Quebec  + Industrial  |  August 8, 2024
PROREIT has sold two non-core assets for $20.7 million. PROREIT announced that it has completed the transactions.
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By: Monte Stewart

PROREIT Swings $45.1M Worth of Deals

PROREIT sold $45.1 million worth of retail and industrial assets during the second quarter.

The Montreal-based REIT reported Wednesday that it completed the sale of three non-core properties for $13.5 million. Two retail properties, in Regina and Pincher Creek, Alta., were sold for $7 million, while a Winnipeg flex-industrial asset traded for $6.5 million

PROREIT also entered into binding agreements to sell three more undisclosed non-core assets for $31.6 million. Those deals are expected to close in the third quarter of 2024.

At that time, industrial will represent 85.5% of the PROREIT’s portfolio, while office assets will account for just 2.5%, said President and CEO Gordon Lawlor in a news release.

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

Photo: PROREIT

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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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