Pro Real Estate Investment Trust (TSX:PRV.UN) and Crestpoint Real Estate Investments Ltd. through a joint venture agreed to acquire 21 Industrial Properties in Halifax Burnside Industrial Park Totaling 1.6 million Square Feet from a third party for approximately CAD 230 million on June 21, 2022. As part of the joint venture transaction, PROREIT and Crestpoint will each acquire a 50% interest. PROREIT's acquisition of the 50% interest in the 21 properties, totaling 1.6 million square feet, for a cost to PROREIT of approximately CAD 114 million, will be financed from the proceeds of a 50% interest in approximately CAD 148 million of new fixed-rate mortgages and the balance of approximately CAD 40 million will be satisfied with cash on hand, including cash from the proceeds of the sale of a 50% interest in existing properties to Crestpoint.

The transaction is expected to close in the coming weeks and is subject to customary closing conditions. TD Securities, Inc. acting as financial advisor in deal to the unknown third party.