PRO Real Estate Investment Trust Industrials Acquisition | M&A Deal

PRO Real Estate Investment Trust has agreed to acquire two industrial portfolios, an industrial distribution acquisition in Québec City and Winnipeg, for $136.8 million. The acquisitions cover 17 institutional-quality industrial assets totaling about 773,000 square feet of gross leasable area, expanding PROREIT’s industrial distribution footprint in Quebec and Manitoba. PROREIT plans to use the platform acquisition to drive leasing and mark-to-market opportunities, supporting accretive AFFO per unit on a leverage-neutral basis. The public company acquisition is structured as a platform acquisition with a $72.5 million bought deal public offering of trust units and a $21.7 million concurrent private placement, with participation from Collingwood Investments Incorporated and Parkit Enterprise Inc.