Ontario-based Nexus Real Estate Investment Trust has acquired three properties across B.C. and Saskatchewan, for $64 million.
Nexus REIT purchased two Richmond, B.C. properties for $57.4 million. The properties have a 6.5 per cent capitalization rate and an assessed value of approximately $81 million. One of the industrial properties is to be redeveloped into a multi-tenant children’s sports mall, while the other is tenanted by a multinational energy manufacturing company. The buildings are 117,490 and 60,000-square-feet, respectively.
“With these acquisitions, purchased at a significant discount to appraised values, Nexus will grow its market capitalization by approximately $22.7 million without the need to raise equity in the public markets,” said Kelly Hanczyk, Nexus CEO, in a release.
The Regina property is 38,690-square-feet, multi-tenant building acquired for $6.6 million. The property is anchored by Day & Ross Shipping and has a capitalization rate of 7.5 per cent.
Nexus owns 62 retail, industrial and office properties across Canada, totaling approximately 3.5 million square feet of leasable space.
