PROREIT acquires 12 commercial properties for $45.1 million
The Montreal-based real estate trust is expanding its footprint in the Winnipeg market amidst rising industrial rents
Montreal-based PRO Real Estate Investment Trust has purchased 12 Canadian commercial properties for $45.1 million – including six industrial buildings in Winnipeg, MB.
The Winnipeg properties are located within the Inkster Industrial Park and the St. James industrial area, at 1455 Mountain Avenue; 1410 Mountain Avenue; 20 Bentall Street; 1305 King Edward Street; 1313 King Edward Street and 1791 Dublin Avenue. The properties account for $27.3 million of the total $45.1 million purchase price. The six buildings have a total leasable area of 237,430 square feet.
"Vacancy rates in the Winnipeg industrial real estate market are declining and rents are rising," said James W. Beckerleg, president and CEO of PROREIT. “Winnipeg is exactly the type of market we want to be in and we look forward to expanding our assets there over the longer-term."
The portfolio also includes five standalone retail buildings in Quebec and New Brunswick, and 50 per cent undivided interest in an industrial property in Drummondville, QC.
"With these acquisitions, we continue to build our national footprint while further strengthening our presence in the Maritimes and Quebec," said Beckerleg. "The acquisitions will increase our total assets by approximately 12.3% to $412 million
The 12 properties total 368,854 square feet of leasable area and are fully occupied on long-term leases.
Copyright © Western Investor