Fronsac Real Estate Investment Trust (Fronsac REIT or Fronsac) is pleased to announce three acquisitions, two in the province of Quebec and one in Nova Scotia.
According to the press release, the first acquisition is a restaurant property operated under the Mikes banner. It is located in Sept Iles, Que, on Laure Boulevard. The transaction was settled in cash with total consideration paid for the property $1,450,000 (excluding transaction costs).
The second acquisition is a property to be redeveloped in a joint venture with partner Odacite Immobilier Inc. It is located on Shawinigan-Sud boulevard in Shawinigan, Que. The property will be demolished and a new Esso service-station with a McDonald’s and Subway restaurants will be built.
Construction is set to begin in May and total costs are expected to be approximately $2.4 million. Fronsac REIT will retain a 25 per cent interest in the project.
The third acquisition is a Sobeys service-station in Yarmouth, N.S., leased under a ground lease agreement. Total consideration paid for the property was $1,000,000 (excluding transaction costs) and was settled in cash.