Canada-based Pro Real Estate Investment Trust (PROREIT) has agreed to buy 7 institutional assets comprising a total gross leasable area of 696,000 square feet for $97.8 million.
Under the terms of the deal, PROREIT will buy 100 percent freehold interest in a boutique office tower and a class A mixed-use industrial property in the central business district in Ottawa, Ontario, both representing 338,000 square feet of gross leasable area.
Additionally, the company will also acquire the entire stake in a 5-property light industrial portfolio in the Burnside Industrial Park in Halifax, Nova Scotia, representing 358,000 square feet.
More so, PROREIT plans a $50 million bought deal public offering of trust units, expected to close on or about August 16, 2019, and is subject to customary conditions, to partially fund the acquisitions and pay credit.