Industrial assets portfolio Acquired by PROREIT | Industrials M&A Deal

PROREIT has agreed to acquire an industrial assets portfolio, a industrial distribution business in Québec City and Winnipeg, for $136.8 million. PROREIT acquisitions cover 17 institutional-quality industrial properties totaling about 773,000 square feet of gross leasable area, expanding industrial distribution acquisition scale across Québec and Manitoba. The industrial assets portfolio acquisition is expected to increase total GLA by roughly 12% to 7.2 million and grow Québec presence by about 613,000 square feet, supporting leasing and mark-to-market opportunities. The platform acquisition is structured as a public company acquisition with leverage-neutral, AFFO-accretive terms, funded partly through a bought deal public offering of trust units and a concurrent private placement by strategic partners Collingwood Investments Incorporated and Parkit Enterprise Inc., with liquidity improvements via credit facility paydown.