PROREIT Completes Acquisition of 16 Industrial Properties in Atlantic Canada and Winnipeg for $163.2 Million

MONTRÉAL, Nov. 9, 2021 /CNW Telbec/ - PRO Real Estate Investment Trust (TSX: PRV.UN) ("PROREIT" or the "REIT") today announced the completion of its previously announced acquisition of a 100% interest in 15 industrial properties located in Atlantic Canada and one industrial property in Winnipeg, Manitoba, for an aggregate purchase price of $163.2 million (excluding closing costs). Together, the 16 properties increase PROREIT's gross leasable area ("GLA") by approximately 1.2 million square feet, to 6.6 million square feet in total.

PROREIT also announced the completion of its previously announced sale of three retail properties located in New Brunswick, for a total consideration of $8.1 million.

Acquisitions

Atlantic Canada Properties

Property Address	GLA (Square Feet)
11 Morris Drive, Dartmouth, NS	89,918
10 Morris Drive, Dartmouth, NS	118,951
29-57 Mosher Drive, Dartmouth, NS	54,700
30-58 Mosher Drive, Dartmouth, NS	56,899
10 Vidito Drive, Dartmouth, NS	61,987
50 Akerley Boulevard, Dartmouth, NS	62,980
55 Akerley Boulevard, Dartmouth, NS	75,398
120 Troop Avenue, Dartmouth, NS	87,214
320-340 Wright Avenue, Dartmouth, NS	170,456
58 Wright Avenue, Dartmouth, NS	43,000
40 Thornhill Drive, Dartmouth, NS	32,063
50 Thornhill Drive, Dartmouth, NS	32,139
60 Thornhill Drive, Dartmouth, NS	31,929
101 Thornhill Drive, Dartmouth, NS	61,551
222 Edinburgh Drive, Moncton, NB	94,682
Total	1,073,867

The purchase price of approximately $150.9 million (excluding closing costs) for the 15 industrial properties located in Atlantic Canada was substantially financed from the proceeds of $105.6 million in 3-year and 7-year first mortgages at an average rate of 2.97%, with the balance satisfied with cash on hand as a result of PROREIT's recent equity raise.

Winnipeg Property

The Winnipeg property is located at 1500 Notre Dame Avenue and represents 106,737 square feet of GLA. The purchase price of approximately $12.3 million (excluding closing costs) for the Winnipeg property was substantially financed from the assumption of an $8.4 million first mortgage, at an effective interest rate of 2.75%, maturing in April 2024 with the balance satisfied with cash on hand as a result of PROREIT's recent equity raise.

Sale Transaction

On September 29, 2021, PROREIT completed the sale of three predominantly retail properties located in New Brunswick for a total consideration of approximately $8.1 million. The proceeds of the sale were used to pay out approximately $5.0 million of mortgages and the balance was used for general trust purposes.

Impact of the Transactions on PROREIT's Overall Portfolio

PROREIT's portfolio is now comprised of 120 income producing commercial properties representing approximately 6.6 million square feet of GLA with a weighted average lease term of 4.5 years. The addition of the industrial properties has improved portfolio balance by increasing PROREIT's portfolio exposure to the industrial segment to 78% by GLA and 63% by base rent.

Portfolio Overview

Province	% By Base Rent	% By GLA	Asset Class	% By Base Rent	% By GLA
Maritime Provinces	47%	51%	Industrial	63%	78%
Ontario	27%	24%	Retail	26%	15%
Western Canada	16%	14%	Office	11%	7%
Quebec	10%	12%
Total	100.0%	100.0%	Total	100.0%	100.0%

About PRO Real Estate Investment Trust

PROREIT is an unincorporated open-ended real estate investment trust established pursuant to a declaration of trust under the laws of the Province of Ontario. PROREIT was established in March 2013 to own a portfolio of diversified commercial real estate properties in Canada, with a focus on primary and secondary markets in Québec, Atlantic Canada and Ontario with selective expansion into Western Canada. PROREIT's portfolio is diversified by property type and geography.

For more information on PROREIT, please visit the website at www.proreit.com.

Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.

SOURCE PROREIT

PRO Real Estate Investment Trust, James W. Beckerleg, President and Chief Executive Officer, 514-933-9552; PRO Real Estate Investment Trust, Gordon G. Lawlor, CPA, CA, Executive Vice President and Chief Financial Officer, 514-933-9552