Canadian Net REIT Announces the Sale of Five Gas Station Properties in Quebec
2024年7月17日 - 9:30PM
Canadian Net Real Estate Investment Trust (“
Canadian
Net” or the “
Trust”) (TSX-V: NET.UN) is
pleased to announce the successful sale of five gas station
properties in Quebec, Qc. Total consideration from those sales was
approximately $12.8M, excluding closing costs.
“I'm pleased to announce the successful sale of
five properties,” said Kevin Henley, President and CEO. “The sales
generated approximately $7.6M in net proceeds and will be FFO1
neutral for the REIT. The proceeds will be used to reduce our
credit facilities and create opportunities for future acquisitions.
The five gas station properties were operated by independent
operators, aligning with our strategy of decreasing exposure to
local operators and increasing our focus on national,
necessity-based retailers. We remain committed and focused on
strategic acquisitions while continuing to optimize the
portfolio.”
THE PROPERTIES
- The first property is located in
St-Eustache, Qc, and leased to an independent operator and
Suncor;
- The second property is located in
St-Hyacinthe, Qc, and leased to an independent operator, Suncor and
Tim Hortons;
- The third property is located in
Mont St-Hilaire, Qc, and leased to an independent operator,
Parkland and McDonald’s;
- The fourth property is located in
St-Jean-sur-Richelieu, Qc, and leased to an independent operator
and Sobeys; and
- The fifth property is located in
Richelieu, Qc, and leased to an independent operator, Suncor and
Subway.
Following those dispositions, the Trust owns 93
properties, including those in joint ventures.
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 Kevin
Henley at (450) 536-5328.
1 FFO: Funds from operations is a non-IFRS financial measure
that does not have any standardized IFRS meaning and as such may
not be comparable to other issuers. Refer to section “Non-IFRS
financial measures” of the Trust’s most recent Management
Discussion and Analysis for more information.