PRO Real Estate Investment Trust (TSXV:PRV.UN) entered into a binding conditional agreement to acquire 50% interest in property located at 1750 Jean Berchmans Michaud Street, Drummondville, Quebec for CAD 3 million.

PRO Real Estate Investment Trust (TSXV:PRV.UN) entered into a binding conditional agreement to acquire 50% interest in property located at 1750 Jean Berchmans Michaud Street, Drummondville, Quebec for CAD 3 million on January 24, 2017. The purchase price of CAD 3 million is expected to be satisfied by the assumption of 50% of a recently completed 4% ten-year mortgage of approximately CAD 4.0 million, the issuance of 383,598 of Class B limited partnership units of PRO REIT Limited Partnership (“Class B LP Units”), a subsidiary of the REIT, at a price of CAD 2.25 per Class B LP Unit and a cash payment of CAD 0.1 million. Peter Aghar, a trustee of the REIT, indirectly controls the remaining 50% undivided interest in the propert. The acquisition is subject to customary due diligence and closing conditions, including the approval of the TSX Venture Exchange. The transaction was unanimously approved by the independent trustees of the REIT. The transaction is expected to close in the second half of February 2017.