- Fronsac Real Estate Investment Trust (FRO.UN) announced the company has closed three property acquisitions
- The company acquired a commercial strip in Anjou, Quebec
- It has also acquired a grocery store in Cambridge, Ontario
- The third property is a land leased to a Pétro-Pass cardlock located in the Greater Montreal Area
- Fronsac Real Estate Investment Trust is up 0.68 per cent, trading at $7.35 per share at 2:03 pm ET
Fronsac Real Estate Investment Trust (FRO.UN) announced the company has closed three property acquisitions.
The Montreal-based publicly-traded company is an open-ended real estate investment trust with a focus on triple net and management-free retail properties.
The company acquired a property in Anjou, Quebec on April 20th. A portion of the retail strip will be demolished, and a Benny&Co. restaurant will be added to the strip. Total costs are expected to be C$3,500,000 and construction is set to begin in 2022.
The second property is a grocery store operated under the Food Basics banner located in Cambridge, Ontario. Total consideration to be paid is $7,050,000 and will be settled in cash. The property will be purchased alongside the three previously announced Food Basics properties in Keswick, Hamilton and Dunnville, Ontario, for $8,090,663. The transaction is set to close during the second quarter of 2021.
The third property is a land leased to a Pétro-Pass cardlock located in the Greater Montreal Area. Total consideration to be paid will be $1,550,000 and will be settled in cash. The transaction is set to close in the second quarter of 2021.
Fronsac is an open-ended trust that acquires and owns high quality triple net and management-free commercial real estate properties.
Fronsac Real Estate Investment Trust is up 0.68 per cent, trading at $7.35 per share at 2:03 pm ET.
