- Entered unconditional sale agreement for additional
$5.4 million retail property
In addition, PROREIT has entered into an unconditional sale agreement in respect of a 10,000 square foot non-core retail property for approximately
"We are pleased with the sale of these non-core assets as we continue to optimize both our portfolio and balance sheet, while focusing on our organic growth in the industrial property sector," said Gordon G. Lawlor, President and Chief Executive Officer of PROREIT. "From the proceeds of these sales, we used
The details for the completed dispositions, which represent the first portfolio transactions in fiscal 2024, are as follows:
Disposal Date | Sector | Address | GLA | Gross Proceeds | Use of Proceeds | |
Mortgage | General | |||||
Retail | 5110 | 59,085 | ||||
Industrial | 5655 de | 65,000 | -- | |||
TOTAL | 124,085 |
Following the two completed dispositions, PROREIT owns 121 investment properties (including a 50% ownership interest in 42 investment properties), representing approximately 6.2 million square feet of GLA. As of
PROREIT (TSX:PRV.UN) is an unincorporated open-ended real estate investment trust established pursuant to a declaration of trust under the laws of the Province of
For more information on PROREIT, please visit the website at: https://proreit.com.
This press release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable securities legislation, including statements relating to certain expectations, projections, growth plans and other information related to REIT's business strategy and future plans. Forward-looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond PROREIT's control, that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking statements.
Forward-looking statements contained in this press release include, without limitation, statements pertaining to the anticipated sale of a retail property for approximately
The forward-looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement. All forward-looking statements in this press release are made as of the date of this press release. PROREIT does not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise, except as required by law.
Additional information about these assumptions and risks and uncertainties is contained under "Risk Factors" in PROREIT's latest annual information form and "Risk and Uncertainties" in PROREIT's management's discussion and analysis for the three and nine month periods ended
SOURCE PROREIT
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