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Source: Grocery Business Magazine
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  • Nexus Real Estate Investment Trust (NXR.UN) has agreed to acquire a 50 per cent interest in a new grocery customer fulfilment centre in Quebec
  • The facility is anchored by a long-term lease with a subsidiary of Empire
  • The acquisition is expected to close in December 2021
  • Nexus is a growth-oriented real estate investment trust focused on acquiring and managing industrial, office and retail properties
  • Nexus Real Estate Investment Trust (NXR.UN) opened trading at C$13.42 per share

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

The centre, located in Pointe-Claire (Montreal), Quebec, is a 309,000 square foot Class A property that is fully leased to a subsidiary of Empire on a long-term basis.

The $98.2 million purchase price is expected to be partially satisfied through the assumption of mortgage financing in the principal amount of approximately $61,500,000, with the balance expected to be satisfied in cash. The REIT has sufficient liquidity available from its credit facilities and unencumbered properties to finance this acquisition and the other properties the REIT has under contract.

The acquisition is expected to close in December 2021.

Kelly Hanczyk, the REIT’s Chief Executive Officer commented on the acquisition.

“We are extremely pleased to be purchasing a 50 per cent share of a brand new, state-of-the-art CFC in one of Canada’s strongest markets. This automated facility located on the island of Montreal is anchored by a long-term lease with a subsidiary of Empire, an excellent investment grade covenant. More importantly, it represents the beginning of what we believe will be a long-term relationship with Crombie REIT, one of Canada’s largest and most respected national REITs.”

Nexus is a growth-oriented real estate investment trust focused on acquiring and managing industrial, office and retail properties. 

Nexus Real Estate Investment Trust (NXR.UN) opened trading at C$13.42 per share.

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