Canadian Net REIT announces the acquisition of two properties in New Brunswick and Quebec
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MONTREAL, Aug. 02, 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 two properties in New Brunswick and Quebec. They will be the 100e and 101st properties of the Trust, respectively.
The first acquisition is a 4,400 square foot automotive service center operated under the Midas banner in Fredericton, New Brunswick. The total consideration paid was $975,000 (excluding transaction fees) and was settled in cash. The transaction was closed on July 15e2022.
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The second acquisition is a 53,151 square foot hardware store operated under the Rona banner in Chateauguay, Quebec. The total consideration payable is $8,300,000 (excluding transaction fees) and the transaction is expected to close in early August.
About Canadian Net – Canadian Net Real Estate Investment Trust is an open-ended trust that acquires and holds high quality triple-net, unmanaged commercial real estate.
Forward-looking statements – This press release contains forward-looking statements and information as defined by applicable securities laws. Canadian Net cautions the reader that actual events may differ materially from current expectations due to known and unknown risks, uncertainties and other factors which could cause actual results to differ materially from those anticipated in such statements. These include risks related to economic conditions, risks associated with the local real estate market, dependence on the financial situation of tenants, uncertainties related to real estate activities, changes in interest rates, availability of financing under the debt or equity, the effects of adopting new standards, and other risks and factors described from time to time in Canadian Net’s filings with securities regulators, including the report Management. Canadian Net does not intend or undertake to update or change its forward-looking statements even if future events occur or for any other reason, except as required by law or any regulatory authority.
Neither TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For more information, please contact Jason Parravano at (450) 536-5328.