Nexus REIT Announces the Acquisition of Three-Property Industrial Portfolio in an All-Unit Deal
January 06, 2020 at 09:42 pm
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Nexus Real Estate Investment Trust announced that it has entered into an unconditional agreement to acquire three single-tenant industrial properties located in Regina and Saskatoon, Saskatchewan which total 231,700 square feet of gross leasable area. The three-property portfolio will be acquired for a purchase price of $17,400,000 at an attractive 7.6% going-in capitalization rate, with potential to increase the portfolio’s net operating income. Appraisals valued the properties at approximately $22,750,000. In satisfaction of the purchase price, 4,809,524 class B LP units of a subsidiary limited partnership of the REIT and 3,476,190 REIT units will be issued to the vendor at $2.10 per unit. This was a premium to the $2.05 market price of the REIT’s units on the date the purchase and sale agreement was signed. The acquisition is expected to close in early February.
Nexus Industrial REIT is a Canada-based open-ended real estate investment trust. The Company and its subsidiaries own and operate commercial real estate properties across Canada. It has a portfolio of industrial, office and retail properties in Canada, with a focus on acquiring and owning industrial properties. The Company owns a portfolio of 115 properties (including two properties held for development, in which the Company has an 80% interest) comprising approximately 12.1 million square feet of gross leasable area. Its industrial properties include 11250 - 189 STREET, 3501 GIFFEN ROAD NORTH, 10774 - 42 STREET SE, 261185 WAGON WHEEL WAY, 502-25 AVENUE and others. Its office properties include 127-145 RUE SAINT-PIERRE, 360 RUE NOTRE-DAME WEST, 329 RUE DE LA COMMUNE WEST, 353 RUE SAINT NICOLAS, 410 RUE SAINT NICOLAS and others. Its retail properties include 2000 BOULEVARD LOUIS-FRECHETTE, 250 BOULEVARD FISET AND 240 RUE VICTORIA, 340 RUE BELVEDERE SOUTH and others.
NEXUS INDUSTRIAL REIT 
