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- Canadian diversified REIT Pro Real Estate Investment Trust (TSX:PRV.UN:CA) said on Thursday that it has closed the sale of three properties for $13.5M.
- The sale includes $7.0M worth of two non-core retail properties and a $6.5M flex industrial property.
- The properties total about 57,500 sq. ft. of gross leasable area.
- The move is a part of the company’s previously announced plan to recycle capital from the sale of certain non-core properties. PROREIT said it has disposed of properties worth $39.6M year-to-date.
- The company now owns 117 investment properties.
- Additionally, PROREIT has completed the refinancing of two industrial properties with a new $9.8M 4.99% four-year mortgage.
- The proceeds were used to repay ~$7.2M worth of mortgages expiring in 2024, a portion of the outstanding credit facility and for general business purposes.
- The company has ~4.2M in remaining mortgages, expiring in 2024.
- Source: Press Release