MONTREAL, QUEBEC — (Marketwire) — 03/27/13 — PRO Real Estate Investment Trust (“PROREIT”) (TSX VENTURE: PRV.UN) announced today that it has closed its previously announced transaction to acquire a two-storey free-standing building located at 2 Lawrence Street Amherst, in Nova Scotia. The property is 77% occupied on a long-term lease until 2029, with a Lawton-s drug store on the main level and medical/office tenants on the second floor. The $3.5 million purchase price for the property was satisfied through the use of a new $2.275 million fixed rate ten-year mortgage at a rate of 4.15 % and a cash payment of approximately $1.225 million. The property will add 21,212 square feet of retail space to PROREIT-s portfolio.
About PROREIT
PROREIT is an unincorporated open-ended real estate investment trust established pursuant to a declaration of trust under the laws of the Province of Ontario.
Forward-Looking Statements
This news release may contain forward-looking information within the meaning of applicable securities legislation. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond PROREIT-s control, that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information.
PROREIT-s objectives and forward-looking statements are based on certain assumptions, including that (i) PROREIT will receive financing on favourable terms; (ii) the future level of indebtedness of PROREIT and its future growth potential will remain consistent with PROREIT-s current expectations; (iii) there will be no changes to tax laws adversely affecting PROREIT-s financing capacity or operations; (iv) the impact of the current economic climate and the current global financial conditions on PROREIT-s operations, including its financing capacity and asset value, will remain consistent with PROREIT-s current expectations; (v) the performance of PROREIT-s investments in Canada will proceed on a basis consistent with PROREIT-s current expectations; and (vi) capital markets will provide PROREIT with readily available access to equity and/or debt.
The forward-looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement. All forward-looking statements in this press release are made as of the date of this press release. PROREIT does not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise.
Additional information about these assumptions and risks and uncertainties is contained in PROREIT-s filings with securities regulatory authorities, which are available on SEDAR at .
Contacts:
PRO Real Estate Investment Trust
James W. Beckerleg
President and Chief Executive Officer
514-933-9552
PRO Real Estate Investment Trust
Gordon G. Lawlor, CA
Chief Financial Officer
514-933-9552