TORONTO and MONTREAL, June 30, 2021 (GLOBE NEWSWIRE) -- Nexus Real Estate Investment Trust (the "REIT") (TSX: NXR.UN) announced today that it has entered into a conditional agreement to acquire a 189,625 square foot single-tenant industrial warehouse property in Red Deer, Alberta for $19.75MM.
Subject to satisfactory completion of due diligence, the acquisition is expected to close in early September, and to be funded with a combination of proceeds of new mortgage financing, cash on hand and funds available to be drawn on the REIT’s credit facilities.
“We continue to march forward towards our goal of becoming a pure play industrial REIT” commented Kelly Hanczyk, the REIT’s Chief Executive Officer. “On completion of this and our other announced transactions, we will have surpassed $300 million of industrial acquisitions in 2021. We recently entered into a new $40 million line of credit secured against three of the properties we acquired in London Ontario in April, and we have liquidity to complete additional industrial purchases in the second half of the year.”
Including the purchase and sale agreement announced today, the REIT has 6 industrial properties totalling approximately 1.1MM square feet currently under contract with 5 vendors for an aggregate purchase price of approximately $140MM, with $43.9 million of the aggregate purchase price for these 6 properties expected to be satisfied through the issuance of Class B LP Units of a subsidiary limited partnership of the REIT to the vendors.
Annual Meeting Voting Results
Each of the matters set out in the REIT’s management information circular dated May 17, 2021 (the “Circular”) for the annual meeting of unitholders held on June 30, 2021 (the “Meeting”) was approved by the requisite majority of unitholders.
Each of the trustee nominees listed in the Circular was elected as a trustee of the REIT. Voting results for the individual trustees are as follows:
|Nominee||Number of |
|Percentage of Votes For||Number of Votes Withheld||Percentage of Votes Withheld|
|Kelly C. Hanczyk||12,251,908||99.77%||28,341||0.23%|
Final results on all matters considered at the Meeting are reported in the Report of Voting Results as filed on SEDAR (www.sedar.com).
About Nexus REIT
Nexus is a growth-oriented real estate investment trust focused on increasing unitholder value through the acquisition of industrial properties and the 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 85 properties comprising approximately 6.1 million square feet of gross leasable area. The REIT has approximately 33,725,000 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 14,660,000 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.