- What Nexus Industrial REIT sold its stake in 16 retail and office buildings in Québec
- Why The firm is transitioning to a pure-play, Canada-focused industrial REIT
- What next Proceeds will go to debt and development projects
Nexus Industrial REIT has unloaded its 50% stake in 16 buildings in Québec for $51m.
The deal involved 15 retail buildings, which traded for $47m, and one office building, which sold for $4m. The sale price represents capitalization rates of 6.8% to 9.5%, the Oakville, Ont.-based company said. The buyer was not named.
Nexus intends to use the net proceeds to repay debt on its credit facility and fund development projects. The firm continues to focus on the acquisition of industrial properties in primary and secondary markets in Canada.
“These sales mark the substantial completion of our transition to a pure-play, Canada-focused industrial REIT,” said chief executive Kelly Hanczyk.
The 15 properties are:
- 3856 Boulevard Taschereau, Greenfield Park (retail, 107,000 sq ft)
- 161 Route 230 Ouest, La Pocatière (retail, 102,000 sq ft)
- 340 Rue Belvédère Sud, Sherbrooke (retail, 86,000 sq ft)
- 1700 Rue Sherbrooke, Magog (retail, 67,000 sq ft)
- 250 Boulevard Fiset, Sorel (retail, 58,000 sq ft)
- 9550 Boulevard L’Ormière, Québec City (retail, 58,000 sq ft)
- 1971 Rue Bilodeau, Plessisville (retail, 50,000 sq ft)
- 10516 Boulevard Sainte-Anne, Sainte-Anne-de-Beaupré (retail, 44,000 sq ft)
- 2000 Boulevard Louis-Fréchette, Nicolet (retail, 44,000 sq ft)
- 333 Côte Joyeuse, Saint-Raymond (retail, 32,000 sq ft)
- 25 Route 138, Forestville (retail, 28,000 sq ft)
- 1600 Rue Montgolfier, Laval (office, 27,000 sq ft)
- 14000 Boulevard Henri-Bourassa, Québec City (retail, 22,000 sq ft)
- 8245 Boulevard Taschereau, Brossard (retail, 22,000 sq ft)
- 6700 Rue Saint-Georges, Lévis (retail, 22,000 sq ft)
- 1094-1100 Boulevard des Chutes, Beauport (retail, 16,000 sq ft)
Nexus Industrial REIT owns a portfolio of 90 properties comprising approximately 11.7m sq ft of gross leasable area.
