- Nexus REIT has entered into a conditional agreement to acquire a single-tenant industrial warehouse property in Alberta
- The transaction will be funded with proceeds of new mortgage financing, cash on hand and funds available to be drawn on the REIT’s credit facilities
- All matters, including the election of trustee nominees, were approved at the REIT’s annual unitholder’s meeting on June 30
- Nexus is a growth-oriented real estate investment trust focused on acquiring and managing office and retail properties
- Nexus REIT (NXR.UN) is down 0.20 per cent, trading at C$10.00 per share at 3 pm ET
Nexus REIT (NXR.UN) has entered into a conditional agreement to acquire a single-tenant industrial warehouse property in Alberta for $19.75MM.
The acquisition is expected to close in early September and be funded with proceeds of new mortgage financing, cash on hand and funds available to be drawn on the REIT’s credit facilities.
“We continue to march forward towards our goal of becoming a pure play industrial REIT” commented Kelly Hanczyk, the REIT’s Chief Executive Officer.
“On completion of this and our other announced transactions, we will have surpassed $300 million of industrial acquisitions in 2021. We recently entered into a new $40 million line of credit secured against three of the properties we acquired in London Ontario in April, and we have liquidity to complete additional industrial purchases in the second half of the year.”
Including the purchase and sale agreement announced today, the REIT has 6 industrial properties totalling approximately 1.1MM square feet currently under contract with 5 vendors for an aggregate purchase price of approximately $140MM, with $43.9 million of the aggregate purchase price for these 6 properties expected to be satisfied through the issuance of Class B LP Units of a subsidiary limited partnership of the REIT to the vendors.
All of the matters set out in the REIT’s management information circular, including the election of trustee nominees, were approved by the requisite majority of unitholders at the annual meeting of unitholders held on June 30th.
Nexus is a growth-oriented real estate investment trust focused on increasing unitholder value through the acquisition of industrial properties and the ownership and management of industrial, office and retail properties.
Nexus REIT (NXR.UN) is down 0.20 per cent, trading at C$10.00 per share at 3 pm ET.