MONTREAL, May 24, 2022 (GLOBE NEWSWIRE) -- (TSX-V: NET.UN) Canadian Net Real Estate Investment Trust (“Canadian Net” or the “Trust”) is pleased to announce the acquisition of four properties in Nova Scotia and Quebec. Total consideration paid was $18,800,000 (excluding transaction costs) and was settled in cash. The purchase price represents a capitalization rate of approximately 6.5% for the portfolio.
The acquisitions are as follows:
The first acquisition is a 30,500 square foot retail store operated under the Giant Tiger banner in Truro, Nova Scotia, which closed on May 19, 2022.
The second acquisition is a 29,698 square foot grocery store operated under the Metro banner located in Chénéville, Québec, which closed on May 24, 2022.
The third acquisition is a 35,991 square foot grocery-anchored retail strip located in St-André-Avellin, Québec, which closed on May 24, 2022.
The fourth property is a 3,500 square foot service-station operated under the Couche-Tard banner in St-Jérôme, Québec, which closed on May 24, 2022.
About Canadian Net – Canadian Net 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. Canadian Net 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 Canadian Net with securities regulators, including the management report. Canadian Net 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.