PROREIT Acquires Six Winnipeg Industrial Properties for $96.5 Million
PROREIT Acquires Six Winnipeg Industrial Properties for $96.5 Million

PROREIT Acquires Six Winnipeg Industrial Properties for $96.5 Million

News summary

PROREIT is set to acquire six industrial properties in Winnipeg from Parkit Enterprise for $96.5 million, significantly expanding its industrial footprint to approximately 88% of gross leasable area and 83% of base rent. The acquisition, expected to close in the second quarter of 2025, will be funded through a combination of unit issuances to Parkit, granting it a 9.6% ownership stake, and a $63 million credit facility. This strategic deal is accretive to PROREIT’s adjusted funds from operations per unit and aligns with its growth strategy to scale in secondary markets. As part of the transaction, Parkit will gain board representation through Steven Scott, Chairman of Parkit, highlighting a collaborative growth opportunity. Analysts view this move positively for PROREIT’s financial stability, although caution remains due to leverage and valuation concerns. The acquisition underscores strong demand for industrial real estate in Canada’s logistics sector within a stable economic environment.

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