Total
0
Shares
Source: Canadian Net REIT
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Canadian Net REIT has closed its public offering of trust units for gross proceeds of $20.1M
  • The underwriters exercised the over-allotment option
  • Net proceeds from the offering to fund current and future acquisitions and to service debt
  • On July 22, 2021, the Trust completed the acquisition of a grocery store property operated under the IGA banner in Quebec City
  • The Trust closed its acquisition of commercial property located in Bromont, Québec which is currently leased by East Side Mario’s
  • Canadian Net REIT acquires and owns high-quality triple net and management-free commercial real estate properties
  • Canadian Net Real Estate Investment Trust (NET.UN) is currently trading at C$7.45

Canadian Net REIT has closed its previously announced public offering of 2,702,500 trust units for gross proceeds of $20.1M.

The syndicate of underwriters was led by Canaccord Genuity Corp. and Paradigm Capital Inc. and included CIBC Capital Markets, iA Private Wealth, Laurentian Bank Securities Inc., Desjardins Securities Inc., and Echelon Wealth Partners Inc. 

The underwriters exercised the over-allotment option granted to them pursuant to the underwriting agreement.

The Trust intends to use the net proceeds from the offering to fund current and future acquisitions, to fund planned development projects, to repay certain indebtedness and for general business and working capital purposes.

On July 22, 2021, the Trust completed the acquisition of a grocery store property operated under the IGA banner in Quebec City, Québec for approximately $6.2 million. 

On July 26, 2021, the Trust completed the acquisition of a commercial property located in Bromont, Québec which is currently operating as an East Side Mario’s. The property represents 5,730 square feet of leasable area. The total consideration to be paid by the Trust for the Bromont Property is approximately $2.35 million.

Canadian Net REIT is an open-ended trust that acquires and owns high-quality triple net and management-free commercial real estate properties.

Canadian Net Real Estate Investment Trust (NET.UN) is currently trading at C$7.45.

More From The Market Herald

" Nexus REIT (TSX:NXR.UN) to acquire an interest in a new automated grocery customer fulfilment centre

Nexus REIT has entered into an agreement with Crombie REIT to acquire a 50 per cent interest in a new customer fulfilment centre.

" RioCan Real Estate Investment Trust (TSX:REI.UN) renews its normal course issuer bid

RioCan Real Estate Investment Trust (REI.UN) has received TSX approval for a normal course issuer bid (NCIB) of trust units.

" Urbanimmersive (TSXV:UI) to participate in the 2021 REACH Canada Accelerator Program

Urbanimmersive (UI) has been selected to participate in the 2021 REACH Canada Accelerator Program.