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TORONTO and MONTREAL, July 05, 2021 (GLOBE NEWSWIRE) -- Nexus Real Estate Investment Trust (the "REIT") (TSX: NXR.UN) announced today that it has completed the $44MM acquisition of two industrial properties located in Calgary, Alberta and Headingley (Winnipeg), Manitoba.
The properties are tenanted by Valard Construction, a large utility contractor. The Calgary property, located at 10774 42 Street SE, has approximately 165,000 square feet of gross leasable area situated on 14 acres of land and also serves as Valard Construction’s head office. The Headingley Manitoba property, located at 97 Nicola Drive, has approximately 40,000 square feet of gross leasable area situated on 23 acres of land.
The acquisition was financed with a combination of 1,821,925 Class B LP Units of a subsidiary limited partnership of the REIT issued to the vendor, which were valued at the volume weighted average trading price of the REIT’s units for the 5 days prior to the April 16, 2021 purchase and sale agreement execution date, cash on hand, and cash drawn on a revolving credit facility. It is anticipated that mortgage financing will be placed on the properties with proceeds used to finance future acquisitions.
About Nexus REIT
Nexus is a growth-oriented real estate investment trust focused on increasing unitholder value through the acquisition of industrial properties and the 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 87 properties comprising approximately 6.3 million square feet of gross leasable area. The REIT has approximately 33,725,000 Units issued and outstanding. Additionally, there are Class B LP Units of subsidiary limited partnerships of Nexus issued and outstanding, which are convertible into approximately 16,482,000 Units.
Forward Looking Statements
Certain statements contained in this news release constitute forward-looking statements which reflect the REIT’s current expectations and projections about future results. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “estimates”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the REIT to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Such forward-looking statements are based on a number of assumptions that may prove to be incorrect.
While the REIT anticipates that subsequent events and developments may cause its views to change, the REIT specifically disclaims any obligation to update these forward-looking statements except as required by applicable law. These forward-looking statements should not be relied upon as representing the REIT’s views as of any date subsequent to the date of this news release. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The factors identified above are not intended to represent a complete list of the factors that could affect the REIT.
For further information please contact:
Kelly C. Hanczyk, CEO at (416) 906-2379 or
Rob Chiasson, CFO at (416) 613-1262.