Edgefront Real Estate Investment Trust (the REIT) is purchasing an industrial property in Prince George, British Columbia, and has also entered into a conditional agreement to buy another such property in Prince Albert, Saskatchewan for a combined $12.1 million.
“At the completion of these two deals, we will have raised approximately $20 million of equity without the need to rely on raising money in the public capital markets,” said Kelly Hanczyk, the chief executive officer of the REIT. “This has been an active year for Edgefront and we look forward to executing on additional deals in the future.”
Both acquisitions remain subject to customary closing conditions, including TSXV and other necessary approvals. The Prince Albert acquisition is also subject to completion of due diligence to the satisfaction of the REIT.
The $7.5 million B.C. property has a rentable area (GLA) of 53,180 square feet, while the $4.6 million Saskatchewan property has a GLA of 24, 600 square feet. Both are 100 per cent occupied with lease terms of 8 and 10 years, respectively.