- What Canadian Net has sold five gas station properties for $12.8m
- Why The sale leaves the company’s portfolio with 93 properties
- What next Proceeds will be used to reduce the firm’s credit facilities
Canadian Net Real Estate Investment Trust has sold five gas stations in Quebec for $12.8m.
The sale generated approximately $7.6m in net proceeds, which will go toward reducing the firm’s credit facilities.
The properties are in St-Eustache, St-Hyacinthe, Mont St-Hilaire, St-Jean-sur-Richelieu and Richelieu. All were leased to independent operators.
Kevin Henley, president and CEO of Canadian Net, said the sale is in line with the company’s strategy of decreasing exposure to local operators and increasing its focus on national, necessity-based retailers.
Following the sale, the company owns 93 properties, including those in joint ventures.
