PRO Real Estate Investment Trust (PROREIT) intends to purchase 12 commercial properties across Quebec and the Maritimes for about $63.3 million.
The assets —anchored by high-quality tenants under long-term leases —consist of 10 retail properties at 332,000 square feet, one 171-square-foot industrial property and one 50,000-square-foot mixed-use commercial property. Six properties are located in Quebec and four are in Nova Scotia. The other two assets are situated in New Brunswick and Prince Edward Island.
“PROREIT continues to deliver on its core business plan of delivering accretive acquisitions of high-quality retail, office, and industrial properties with strong tenants and long-term leases” said James W. Beckerleg, president and chief executive officer. “Additionally, we are capitalizing on opportunities to execute square foot optimization at existing properties at significant returns on invested capital, while reducing financial leverage.”