Fronsac Announces an Acquisition
MONTREAL, Dec. 21, 2018 (GLOBE NEWSWIRE) — (TSX-V: FRO.UN) Fronsac Real Estate Investment Trust (“Fronsac REIT” or “Fronsac”) is pleased to announce the acquisition of a property located on Jacques Bédard boulevard in Lac St-Charles, Qc, a highly trafficked artery of the town. The property is a grocery store operated under the IGA banner. Total consideration paid for the property was $3,700,000 (excluding transaction costs) and was settled in cash.
Mr. Jason Parravano, President and CEO, declared: “We are pleased to end the year with the acquisition of this IGA in the city of Lac St-Charles, just north of Quebec City. This marks the 12th addition to Fronsac’s portfolio in 2018. Among those were 2 completed joint venture developments and the purchase of a parcel of land for a development set to break ground in the spring of 2019. We are pleased to have added to the portfolio a diverse range of assets, from grocery stores, a pharmacy and a Bureau en Gros. In addition to continuing to diverse our tenant base and types of assets, we have diversified our geography with the acquisition of 2 properties in Dartmouth, Nova Scotia. All of this could not be possible without the support of our existing and new unit holders, who took part in our largest capital raise to date of $10M, which was comprised of $8.6M in Fronsac units and a $1.4M in convertible debentures.”
About Fronsac - Fronsac Real Estate Investment Trust is an open-ended trust that acquires and owns high quality triple net and management-free commercial real estate properties.
Forward-Looking Statements - This press release contains forward-looking statements and information as defined by applicable securities laws. Fronsac warns the reader that actual events may differ materially from current expectations due to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated in such statements. Among these include the risks related to economic conditions, the risks associated with the local real estate market, the dependence to the financial condition of tenants, the uncertainties related to real estate activities, the changes in interest rates, the availability of financing in the form of debt or equity, the effects related to the adoption of new standards, as well as other risks and factors described from time to time in the documents filed by Fronsac with securities regulators, including the management report. Fronsac does not intend or undertake to update or modify its forward-looking statements even if future events occur or for any other reason, unless required by law or any regulatory authority.
Neither the TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is defined in the Policy of the TSX Venture Exchange) accepts any responsibility for the adequacy or accuracy of this release.
For further information please contact Jason Parravano at (450) 536-5328.