Nexus Real Estate Investment Trust (TSXV:NXR.UN) entered into a conditional agreement to acquire six industrial assets in London, Ontario from an undisclosed seller for approximately CAD 100 million.
January 08, 2021
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Nexus Real Estate Investment Trust (TSXV:NXR.UN) entered into a conditional agreement to acquire six industrial assets in London, Ontario from an undisclosed seller for approximately CAD 100 million on January 8, 2021. As per terms, $65.6 million of the consideration is to be satisfied through the issuance of Class B LP Units of a subsidiary limited partnership of Nexus Real Estate Investment Trust at a price of CAD 1.91 per unit. In a related deal, Nexus Real Estate Investment Trust entered into a conditional agreement to acquire two industrial buildings in Edmonton, Alberta for CAD 14 million. Nexus Real Estate Investment Trust anticipates assuming existing debt and placing new financing on certain of the properties to fund the remainder of the purchase price. Proceeds of new financing in excess of cash required to close are anticipated to be redeployed to acquire other properties in the current acquisition pipeline. The acquisition is subject to the completion of due diligence, stock exchange approval of the issuances of units and other approvals As of February 19, 2021, Nexus Real Estate Investment Trust has completed due diligence and waived conditions to acquire the portfolio. The closing is contemplated for April 1, 2021.
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 Real Estate Investment Trust (TSXV: NXR.UN) entered into a conditional agreement to acquire six industrial assets in London, Ontario from an undisclosed seller for approximately CAD 100 million.
NEXUS INDUSTRIAL REIT 
