MONTRÉAL, Jan. 21, 2025 (GLOBE NEWSWIRE) -- Canadian Net Real Estate Investment Trust ("Canadian Net” or the "Trust”) (TSX-V: NET.UN) is pleased to announce the acquisition of three properties in Saguenay, Quebec. The acquired properties include a grocery store operating under the IGA banner, a pharmacy under the Jean-Coutu banner, and a bank under the National Bank of Canada banner. The total purchase price was $12,000,000 (excluding transaction costs), paid in cash.
"We are excited to announce the acquisition of three more single-tenant properties to our portfolio, which will be immediately accretive on an FFO per unit basis,” said Kevin Henley, President and CEO. "These acquisitions align perfectly with our strategy of acquiring nationally tenanted, triple-net properties in the necessity-based sector. Showcasing our ability to identify value-driven opportunities in a fragmented market, those properties were sourced through an off-market process. Last year's strategic sales enabled us to drive organic growth, with the acquisition of one high-performing property in Q4 2024 and three additional properties today.”
DETAILS ABOUT THE PROPERTIES
The first property is located at 150 6e rue in La Baie, Quebec. It is leased to IGA (Sobeys) with a rental area of approximately 35,000 square feet.
The second property is located at 170 6e rue in La Baie, Quebec. It is leased to the National Bank of Canada with a rental area of approximately 4,500 square feet.
The third property is located at 180 6e rue in La Baie, Quebec. It is leased to Jean-Coutu (Metro) with a rental area of approximately 11,000 square feet.
As a result of these strategic and accretive acquisitions, the Trust now owns a total of 97 properties.
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.
