Nexus Industrial REIT Announces the Sale of Its Remaining Old Montreal Office Portfolio and Vacant Land

Written by:

KeyCrew

Date:

10 Oct 2024

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TORONTO, Oct. 10, 2024 (GLOBE NEWSWIRE) — Nexus Industrial REIT (“Nexus” or the “REIT”) (TSX: NXR.UN) is pleased to announce the sale of its 50% ownership interest in its remaining Old Montreal office portfolio, consisting of an office building and a mixed-use building located in Montreal (the “Properties”).

“The sale of these legacy buildings closes the chapter on Nexus’ ownership of office buildings in the Old Montreal Port, advancing our strategy as a Canada-focused pure-play industrial REIT” said Kelly Hanczyk, CEO of Nexus Industrial REIT.

“Industrial assets contribute 94% of our NOI¹, and our industrial concentration will increase as we complete the sale of our legacy retail portfolio in the coming months. Combined with the sale of certain non-core industrial assets, we are targeting asset sales of approximately $110 million in the second half of 2024.”

The REIT intends to use the net proceeds to repay existing indebtedness on its credit facility.

Details of the Properties are as follows:

Vacant Land

The REIT sold 11 acres of vacant land located adjacent to its industrial property in Fort St. John, BC for cash of $2.4 million. The REIT intends to use the net proceeds to repay existing indebtedness on its credit facility.

About Nexus Industrial REIT

Nexus is a growth-oriented real estate investment trust focused on increasing unitholder value through the acquisition of industrial properties located in primary and secondary markets in Canada and the ownership and management of its portfolio of properties. The REIT currently owns a portfolio of 111 properties comprising approximately 13 million square feet of gross leasable area.

For further information please contact:

Kelly C. Hanczyk, CEO at (416) 906-2379; or
Mike Rawle, CFO at (647) 823-1381.

¹ Non-IFRS Financial Measure