- Completion of previously announced sale of two non-core retail properties for gross proceeds of
$7.0M - Completion of sale of one flex industrial property for gross proceeds of
$6.5M - Refinanced two industrial properties with new
$9.8M mortgage
"As part of PROREIT's previously announced plan to recycle capital from the sale of certain non-core properties, these property dispositions underscore the strength of our asset base as well as our ability to attract buyers despite challenging market conditions," said Gordon G. Lawlor, President and Chief Executive Officer of PROREIT.
"We are particularly pleased with the opportunistic sale of our flex industrial property in
Portfolio Transaction Details
The details for the completed dispositions are as follows:
Disposal Date (2024) | Sector | Address | GLA | Gross Proceeds | Use of Proceeds | |
Mortgage | Credit Facility | |||||
announced) | Retail |
| 11,000 | ̶ | ||
| Retail | 8,500 | ̶ | |||
| Flex | 38,000 |
| |||
TOTAL | 57,500 |
Following the three completed dispositions, PROREIT owns 117 investment properties (including a 50% ownership interest in 42 investment properties), representing approximately 6.2 million square feet of GLA, with the industrial segment accounting for approximately 83% of GLA and 75% of base rent.
Refinancing Details
On
Following these refinancings and mortgage repayments, PROREIT has approximately
About PROREIT
PROREIT (TSX:PRV.UN) is an unincorporated open-ended real estate investment trust established pursuant to a declaration of trust under the laws of the Province of
For more information on PROREIT, please visit the website at: https://proreit.com.
Forward-Looking Statements
This press release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable securities legislation, including statements relating to certain expectations, growth plans and other information related to REIT's business strategy and future plans. Forward-looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond PROREIT's control, that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking statements.
Forward-looking statements contained in this press release include, without limitation, statements pertaining to the execution by PROREIT of its growth strategy, the use of proceeds from the completed refinancings, and the renewal or repayment of mortgages expiring in 2024. PROREIT's objectives and forward-looking statements are based on certain assumptions, including that (i) PROREIT will receive financing on favourable terms; (ii) the future level of indebtedness of PROREIT and its future growth potential will remain consistent with the REIT's current expectations; (iii) there will be no changes to tax laws adversely affecting PROREIT's financing capacity or operations; (iv) the impact of the current economic climate and the current global financial conditions on PROREIT's operations, including its financing capacity and asset value, will remain consistent with PROREIT's current expectations; (v) the performance of PROREIT's investments in
The forward-looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement. All forward-looking statements in this press release are made as of the date of this press release. PROREIT does not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise, except as required by law.
Additional information about these assumptions and risks and uncertainties is contained under "Risk Factors" in PROREIT's latest annual information form and "Risk and Uncertainties" in PROREIT's management's discussion and analysis for the three months ended
SOURCE
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