Nexus REIT Waives Purchase Conditions to Acquire $44.8MM of Industrial Properties
TORONTO and MONTREAL, May 13, 2021 (GLOBE NEWSWIRE) — Nexus Real Estate Investment Trust (the “REIT”) (TSX: NXR.UN) announced today that it has waived conditions to acquire $44.8MM of industrial properties that it had previously announced entering into conditional contracts to acquire.
The REIT has completed due diligence and waived conditions to acquire 3 single-tenant industrial properties under 3 separate purchase and sale agreements. The properties are located in Red Deer, Alberta, St. Thomas, Ontario, and Windsor, Ontario, have gross leasable areas of approximately 155,000 square feet, 130,000 square feet and 120,000 square feet, respectively, and are being acquired for a weighted average capitalization rate of 6.7%. The acquisitions are anticipated to be financed with a combination of cash on hand and proceeds of new mortgage financing and are expected to close in mid-June.
About Nexus REIT
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 82 properties comprising approximately 5.7 million square feet of gross leasable area. The REIT has approximately 33,582,000 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 14,701,000 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.