Nexus Real Estate Investment Trust (TSXV: NXR.UN) (“Nexus” or the “REIT“) announced today that it has completed the previously announced acquisition of a 100% interest in two properties and a 50% interest in 24 properties located throughout the Greater Montreal Area, the Greater Quebec City Area, and New Brunswick, comprising a total of 1,531,574 sq. ft. of gross leasable area (at Nexus’ ownership interests) for a purchase price of approximately $147 million.
The purchase price of approximately $147.0 million was satisfied through the assumption of approximately $75.7 million of mortgage debt (at the REIT’s proportionate interest) and the issuance of 952,381 Units to certain of the vendors at $2.10 per unit, representing an aggregate of approximately $2.0 million worth of units, with the remainder, net of closing adjustments, settled in cash from the $55 million bought deal equity financing and $15 million private placement which closed on June 30, 2017 and from a new first mortgage secured against the acquisition property located in New Brunswickwith a principal amount of $8.5 million.
About Nexus Real Estate Investment Trust
Nexus is a growth oriented real estate investment trust focused on increasing unitholder value through the acquisition, ownership and management of industrial, office and retail properties located in primary and secondary markets in North America. The REIT currently owns a portfolio of 62 properties comprising approximately 3.5 million square feet of rentable area. Nexus REIT has approximately 87,059,087 units issued and outstanding. Additionally, there are approximately 6,018,065 Class B LP units of subsidiary limited partnerships of Nexus REIT issued and outstanding.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Nexus Real Estate Investment Trust