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TORONTO and MONTREAL, April 16, 2021 (GLOBE NEWSWIRE) -- Nexus Real Estate Investment Trust (the “REIT”) (TSX: NXR.UN) is pleased to announce that it has entered into 4 separate conditional purchase and sale agreements to acquire 5 single-tenant industrial properties for an aggregate purchase price of approximately $88,800,000. Two of the properties are located in Southwestern Ontario; two in Alberta and one in Winnipeg, Manitoba. The 5 properties have a combined gross leasable area of approximately 609,000 square feet, and the aggregate purchase price represents a weighted average going-in capitalization rate of 6.7%. The acquisitions are conditional on the REIT completing due diligence to its satisfaction, and one of the transactions will require TSX approval for the issuance of Class B LP Units of a subsidiary limited partnership of the REIT as partial purchase price consideration. The Class B LP Units will be priced at $8.4526 per unit, being 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. The REIT anticipates that these acquisitions will be funded with cash on hand, $15,400,000 of Class B LP Units issued as consideration and with the proceeds of new mortgage financing to be placed on the properties. “We continue to execute on our strategy to build our industrial portfolio and will put cash from our recent equity offering to work to fund acquisitions” stated Kelly Hanczyk the REIT’s Chief Executive Officer. “The properties under contract include two newly constructed buildings, have a strong tenant base and upon successful due diligence and closing, will further increase our industrial weighting to over 70% of our portfolio. In addition, we are currently in various stages of discussions on additional industrial properties and hope to be able to announce that we’ve entered into additional purchase and sale agreements shortly.” 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 33,478,000 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 6,195,000 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 orRob Chiasson, CFO at (416) 613-1262
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In a move to further streamline operations and provide consistently high quality distribution services across its domestic system of restaurants, Church's Chicken® has selected Performance Food Group Company (PFG) as its exclusive distributor in the United States. The decision was made after an exhaustive review of potential candidates by Church's leadership and quality assurance teams, with the stated goal of unifying nationwide operations under a single provider. PFG is scheduled to begin taking over distribution for regions still serviced by other providers beginning in June, and will continue to be the provider going forward through the rest of 2021 through 2026.
(Bloomberg) -- Most U.S. stocks rose, pushing major indexes to all-time highs, as Chinese growth data added to signs of a global economic recovery. The dollar slipped.The S&P 500 Index headed for its sixth weekly advance in the past seven as strong economic data and a solid start to the corporate earnings season bolstered optimism. Tech shares lagged behind. Chinese stocks outperformed in Asia after a report showed the nation’s economy soared in the first quarter. The Stoxx Europe 600 Index posted a seventh week of advances, its longest streak since May 2018.The data from Beijing added to Thursday’s string of positive economic figures out of the U.S., pushing the MSCI All-Country World Index to a fresh record. Treasuries extended their gains. Morgan Stanley became the latest American bank to post record first-quarter results.Along with healthy corporate earnings, China’s first-quarter gross domestic product numbers are giving fresh impetus to the reflation trade. In the U.S. this week, retail sales and weekly jobless claims data signaled an accelerating recovery in the world’s biggest economy. Investors will look for further confirmation as the reporting season picks up pace next week, with about 80 S&P 500 members and more than 50 Stoxx 600 firms announcing.“As the economic reopening accelerates in the coming months, we believe the bull market remains on a solid footing,” said Mark Haefele, chief investment officer at UBS Global Wealth Management. “We maintain a cyclical bias and prefer U.S. consumer discretionary, energy, financials and industrials.”Elsewhere, copper remained on course for the best week in about two months and oil was poised for its biggest weekly advance in five. Bitcoin slipped.These are some of the main moves in financial markets:StocksThe S&P 500 Index climbed 0.4% as of 2:51 p.m. New York time.The Stoxx Europe 600 Index jumped 0.9%.The MSCI Asia Pacific Index increased 0.3%.The MSCI Emerging Market Index gained 0.6%.CurrenciesThe Bloomberg Dollar Spot Index fell 0.1%.The euro jumped 0.1% to $1.1978.The British pound gained 0.3% to $1.3834.The onshore yuan was little changed at 6.52 per dollar.The Japanese yen was little changed at 108.76 per dollar.BondsThe yield on 10-year Treasuries fell one basis point to 1.57%.The yield on two-year Treasuries climbed less than one basis point to 0.16%.Germany’s 10-year yield advanced three basis points to -0.265%.Britain’s 10-year yield jumped three basis points to 0.762%.Japan’s 10-year yield increased less than one basis point to 0.093%.CommoditiesWest Texas Intermediate crude lost 0.5% to $63.14 a barrel.Gold strengthened 0.8% to $1,778.25 an ounce.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Patrisse Cullors describes scrutiny over her properties as a ‘racist and sexist’ attack by ‘right-wing media’
The Greensill affair appeared to widen last night as it emerged David Cameron lobbied a senior German government official on behalf of the financing group. The Financial Times reported that the approach came as a German investigation into Greensill Capital’s banking arm accelerated. The former prime minister took part in a virtual call with the German ambassador in November, in which senior representatives from Greensill discussed introducing Earnd, a system that allows staff to draw down their salary in instalments, to the German civil service, a spokesman for Mr Cameron told the paper.